Dubai gold prices slipped to their lowest level in June, with 24K trading at Dh519.75 per gram and 22K at Dh481.25 per gram.
Dubai: Gold prices in Dubai fell on Monday morning, pushing local rates to their lowest level this month as bullion extended losses in global markets.
The 24-karat variety was priced at Dh519.75 per gram at 9:17am on Monday, down from Dh521.75 on Sunday, while 22-karat gold slipped to Dh481.25 from Dh483.
The latest decline means 24-karat gold has fallen Dh22.75 per gram since June 2, when it stood at Dh542.50, while 22-karat gold has dropped Dh21 over the same period, down from Dh502.25.
The recent price movement marks a clear reversal from early June highs, when Dubai gold was still trading above Dh539 per gram for 24-karat and around Dh500 for 22-karat. After holding steady over the weekend, prices resumed their downward trend on Monday, offering jewellery buyers in the UAE a lower entry point following several weeks of elevated rates.
Global pressure weighs on local prices
International gold prices extended their decline as geopolitical tensions between Israel and Iran and stronger-than-expected US economic data continued to shape market sentiment and interest rate expectations.
Bullion slipped toward the $4,300 per ounce level after losing nearly 5 per cent last week, as traders reassessed safe-haven demand, energy market risks and the outlook for global monetary policy. The decline followed reports that Israel had struck Iranian targets in response to missile attacks from Tehran, adding further uncertainty to an already fragile regional situation.
Ahmad Assiri said gold remained under pressure, “trading around the $4,300 per ounce mark and extending the bearish sentiment that emerged at the end of last week.”
He added that the metal is now “increasingly eyeing the $4,100 region as the next meaningful support level,” particularly as broader risk appetite remains subdued across global markets.
Buyers get some price relief
Ahmad Assiri noted that the latest escalation involving Iran has not supported gold demand, adding further pressure on metal prices.
The recent decline is expected to be closely watched by UAE jewellery buyers, particularly after 24-karat gold briefly moved above Dh540 per gram earlier this month. On June 1, 24-karat gold stood at Dh539.75 and 22-karat at Dh500, before rising further to Dh542.50 and Dh502.25 on June 2.
Prices then fluctuated over the following days: easing to Dh536 for 24-karat and Dh496.25 for 22-karat on June 3, before rebounding slightly on June 4 to Dh538.50 and Dh498.50. The downward trend became more pronounced from June 5, when 24-karat gold fell to Dh522.50 and 22-karat to Dh483.75, before stabilising at Dh521.75 and Dh483 over June 6 and June 7.
Monday’s further drop to Dh519.75 for 24-karat gold and Dh481.25 for 22-karat now marks the lowest levels recorded so far this month for both categories.
Rates outlook stays in focus
Gold remained under pressure as stronger US jobs data boosted expectations that the Federal Reserve may keep borrowing costs elevated for longer, or potentially raise rates in 2026. Higher bond yields and a stronger US dollar typically weigh on gold, which is priced in dollars and does not generate interest income.
The ongoing Middle East conflict has added another layer of uncertainty, with concerns that disruption to energy flows through the Strait of Hormuz could push oil prices higher and fuel renewed inflationary pressures. That, in turn, may make central banks more cautious about cutting rates — a factor that could continue to act as a headwind for bullion.
However, longer-term demand from official institutions continues to provide support. Market participants are also watching further purchases by the People’s Bank of China, which added around 10 tonnes to its reserves last month — its highest monthly increase since 2024 and the 19th consecutive month of buying.
Overall, analysts say gold remains caught between near-term selling pressure driven by rates and dollar strength, and longer-term support from central bank accumulation.
