emirates7 - Gold prices in the UAE edged down slightly on Monday morning but continued to hover near a two-month high, largely influenced by the ongoing conflict between Israel and Iran.
According to data from the Dubai Jewellery Group, 24K gold was priced at Dh413.0 per gram, a small from Dh413.5 recorded at the weekend close. Other gold categories saw similar trends, with 22K at Dh382.75, 21K at Dh367.0, and 18K at Dh314.5 per gram. Meanwhile, global spot gold prices dipped 0.43%, trading at $3,418.76 per ounce.
The elevated gold prices could affect consumer demand in the UAE, particularly with the summer holiday travel season approaching. Jewellers in Dubai are anticipating increased sales as expatriates prepare to visit their home countries, though higher prices may temper buying activity.
Analysts believe gold will stay elevated due to the heightened geopolitical uncertainty in the Middle East.
“The geopolitical risk premium, particularly from the Iran-Israel tensions, continues to push investors toward safe-haven assets like gold,” said Kelvin Wong, senior market analyst for Asia Pacific at Oanda. “We’ve seen a strong breakout above $3,400, and the current short-term upward trend remains intact. The next key resistance is at $3,500, and there’s potential for prices to surpass that level if the conflict escalates further.”
According to data from the Dubai Jewellery Group, 24K gold was priced at Dh413.0 per gram, a small from Dh413.5 recorded at the weekend close. Other gold categories saw similar trends, with 22K at Dh382.75, 21K at Dh367.0, and 18K at Dh314.5 per gram. Meanwhile, global spot gold prices dipped 0.43%, trading at $3,418.76 per ounce.
The elevated gold prices could affect consumer demand in the UAE, particularly with the summer holiday travel season approaching. Jewellers in Dubai are anticipating increased sales as expatriates prepare to visit their home countries, though higher prices may temper buying activity.
Analysts believe gold will stay elevated due to the heightened geopolitical uncertainty in the Middle East.
“The geopolitical risk premium, particularly from the Iran-Israel tensions, continues to push investors toward safe-haven assets like gold,” said Kelvin Wong, senior market analyst for Asia Pacific at Oanda. “We’ve seen a strong breakout above $3,400, and the current short-term upward trend remains intact. The next key resistance is at $3,500, and there’s potential for prices to surpass that level if the conflict escalates further.”