The 24K gold price has been crossing the Dh600 milestone a few times in the UAE over the past couple of months before profit-taking pushed the precious metal lower
Gold prices rose above Dh600 per gram again at the start of the week due to a weaker US dollar.
The 24K gold price in Dubai rose to Dh603.75 per gram on Monday morning while 22K, 21K, 18K and 14K gold jumped to Dh559.25, Dh536.25, Dh459.5 and Dh358.5 per gram, respectively.
The 24K gold price has been crossing the Dh600 milestone a few times over the past couple of months before profit-taking pushed the precious metal lower.
Globally, spot gold rose above $5,000 per ounce, trading 1.25 per cent higher at the opening of the markets on Monday morning.
Joseph Dahrieh, managing director at Tickmill, said gold prices remained volatile but traded broadly near the same levels seen during the last few trading sessions.
“The market could stabilise gradually after its last sell-off, but could continue to react to new data and geopolitical developments. The latter could fuel demand for safe-haven assets,” he said.
In the Middle East, US-Iran talks remain a point of focus. While diplomacy offers the potential to ease tensions, tense rhetoric and military incidents fuel some caution. Any setback or escalation would likely revive gold-buying interest. In Eastern Europe, hostilities continued despite recent peace talks, reinforcing a persistent geopolitical risk premium that underpins gold.
Dahrieh added that institutional flows remain a key pillar.
“Gold-backed ETFs recorded a strong inflow of 44.8 tonnes in the week to January 30, the largest since mid-October. Asia led the demand, offsetting modest outflows in Europe and reinforcing the broader bullish structure for the precious metal,” he added.
