24K gold has climbed back to Dh569.50 per gram, rising by Dh21 since Monday.
Dubai: Gold prices in Dubai edged higher on Thursday morning, continuing a strong rebound that has pushed 24K gold close to Dh570 per gram after a sharp increase earlier this week.
The 24K gold rate stood at Dh569.50 per gram at 10:48 am on Thursday, up from Dh566.50 on Wednesday. The 22K variant, commonly used for jewellery purchases, also increased to Dh527.25 per gram from Dh524.50.
Overall, 24K gold has risen by Dh21 per gram since Monday, when it was priced at Dh548.50, while 22K gold has gained Dh19.25 over the same period, moving from Dh508 to Dh527.25.
For shoppers, the recent increase has narrowed the buying window that opened earlier in the week, when Dubai gold prices briefly fell to around Dh546 for 24K and Dh505.50 for 22K. However, that dip was short-lived, with prices climbing again on Tuesday, Wednesday, and Thursday.
Prices reverse early-May dip
Dubai gold prices began May at relatively high levels, with 24K gold at Dh557.50 per gram and 22K at Dh516.25 on May 1. Over the next few days, rates eased slightly, with 24K holding at Dh556 on May 2 and 3, while 22K remained steady at Dh514.75.
The sharpest decline came on May 4, when 24K dropped to Dh546 and 22K fell to Dh505.50. Prices then started recovering on May 5, with 24K rising to Dh548.50 and 22K to Dh508.
A stronger rebound followed on May 6, when 24K surged by Dh18 in a single day to Dh566.50 and 22K increased by Dh16.50 to Dh524.50. On Thursday, prices edged up further by Dh3 for 24K and Dh2.75 for 22K, keeping the market well above the week’s earlier lows.
For jewellery buyers, these fluctuations are significant, as even small per-gram changes can quickly accumulate on larger purchases. For example, a 20-gram 22K jewellery purchase would cost about Dh385 more on Thursday than it did on Monday, before adding making charges and VAT.
Prices reverse early-May dip
Dubai gold prices began May at relatively high levels, with 24K gold at Dh557.50 per gram and 22K at Dh516.25 on May 1. Over the next few days, rates eased slightly, with 24K holding at Dh556 on May 2 and 3, while 22K remained steady at Dh514.75.
The sharpest decline came on May 4, when 24K dropped to Dh546 and 22K fell to Dh505.50. Prices then started recovering on May 5, with 24K rising to Dh548.50 and 22K to Dh508.
A stronger rebound followed on May 6, when 24K surged by Dh18 in a single day to Dh566.50 and 22K increased by Dh16.50 to Dh524.50. On Thursday, prices edged up further by Dh3 for 24K and Dh2.75 for 22K, keeping the market well above the week’s earlier lows.
For jewellery buyers, these fluctuations are significant, as even small per-gram changes can quickly accumulate on larger purchases. For example, a 20-gram 22K jewellery purchase would cost about Dh385 more on Thursday than it did on Monday, before adding making charges and VAT.
Global gold holds above $4,700
The rise in Dubai gold prices came alongside gains in international bullion, with gold trading above $4,700 per ounce after climbing 3% on Wednesday—its strongest single-day increase since late March.
Gold was supported by lower bond yields and a weaker US dollar, both of which typically boost bullion demand. Since gold is priced in US dollars and does not generate interest, it becomes more attractive to investors when yields decline.
The latest movement in global markets also came as investors monitored potential diplomatic developments, including signs of progress toward a US-Iran agreement. Reports suggest Iran is reviewing a new US proposal aimed at ending the nearly 10-week conflict, while China has also called for a ceasefire, adding to broader international pressure for de-escalation.
US President Donald Trump said on social media on Wednesday that the US would end its military campaign and lift its blockade of the Strait of Hormuz “assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption.”
Oil prices fell on expectations of a possible deal, easing some inflation concerns. Lower energy prices typically reduce bond yields, which in turn supports gold prices.
Inflation risks remain in focus
Markets, however, remain cautious as US inflation continues to stay above the Federal Reserve’s 2% target. Austan Goolsbee and Alberto Musalem both signalled continued vigilance on inflation risks, even as markets reacted to easing geopolitical tensions.
Gold has declined about 11% since the conflict began in late February. The closure of the Strait of Hormuz and the resulting surge in energy prices had previously raised fears of persistent inflation, potentially delaying interest rate cuts and weighing on demand for non-yielding assets such as gold.
