emirates7 - Gold prices saw a slight rebound on Monday morning after a notable decline of Dh10 per gram last week, coinciding with the peak of the summer travel shopping season.
According to data from the Dubai Jewellery Group, the price of 24K gold opened at Dh394.5 per gram on Monday, a from Dh396 recorded at the weekend's market close. Last week, 24K gold – the priciest category – had fallen by Dh10 per gram.
As for other gold variants, 22K was priced at Dh366.75, 21K at Dh351.75, and 18K at Dh301.5 per gram.
Jewellery retailers in Dubai noted an increase in purchases during the summer travel period, as many residents buy gold gifts for loved ones in their home countries. The recent price dip presents a favorable opportunity for buyers, especially amid ongoing fluctuations in the precious metal’s value driven by global geopolitical tensions.
Meanwhile, spot gold rose 0.3% in early trading to $3,285.87 per ounce.
Commenting on the market outlook, Krisada Yoonaisil, a financial markets strategist at Exness, said geopolitical signals remain mixed. “While the ceasefire between Israel and Iran has held, doubts remain about its longevity. Continued unrest in Gaza and Ukraine highlights the vulnerability of the global political climate. Any escalation could dampen market sentiment and increase the appeal of safe-haven assets such as gold,” Yoonaisil explained.
According to data from the Dubai Jewellery Group, the price of 24K gold opened at Dh394.5 per gram on Monday, a from Dh396 recorded at the weekend's market close. Last week, 24K gold – the priciest category – had fallen by Dh10 per gram.
As for other gold variants, 22K was priced at Dh366.75, 21K at Dh351.75, and 18K at Dh301.5 per gram.
Jewellery retailers in Dubai noted an increase in purchases during the summer travel period, as many residents buy gold gifts for loved ones in their home countries. The recent price dip presents a favorable opportunity for buyers, especially amid ongoing fluctuations in the precious metal’s value driven by global geopolitical tensions.
Meanwhile, spot gold rose 0.3% in early trading to $3,285.87 per ounce.
Commenting on the market outlook, Krisada Yoonaisil, a financial markets strategist at Exness, said geopolitical signals remain mixed. “While the ceasefire between Israel and Iran has held, doubts remain about its longevity. Continued unrest in Gaza and Ukraine highlights the vulnerability of the global political climate. Any escalation could dampen market sentiment and increase the appeal of safe-haven assets such as gold,” Yoonaisil explained.