emirates7 - Gold prices in Dubai continued to decline, with the 24K variety falling below Dh400 per gram—creating a favorable buying window for shoppers in the UAE.
As of Wednesday morning, 24K gold was priced at Dh397 per gram, while 22K, 21K, and 18K were trading at Dh367.75, Dh352.5, and Dh302.25 per gram, respectively.
In recent weeks, gold prices had consistently stayed above the Dh400 mark, so the current dip offers a chance for residents to make purchases at lower rates. On the global market, spot gold was down 0.47%, trading at $3,294.19 per ounce during morning hours.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted that the absence of strong bullish drivers has increased the potential for a deeper correction in gold prices, especially following signs of waning demand. He pointed out that gold did not rise alongside silver and platinum or gain from safe-haven demand during the brief Israel-Iran tensions. Additionally, robust U.S. economic data has pushed back expectations for interest rate cuts, yet gold has remained relatively stable—highlighting its underlying strength.
Meanwhile, Dilin Wu, Research Strategist at Pepperstone, said investor attention has now turned to U.S. trade policy updates and related statements by former President Donald Trump, which could influence short-term movements in gold prices this week.
As of Wednesday morning, 24K gold was priced at Dh397 per gram, while 22K, 21K, and 18K were trading at Dh367.75, Dh352.5, and Dh302.25 per gram, respectively.
In recent weeks, gold prices had consistently stayed above the Dh400 mark, so the current dip offers a chance for residents to make purchases at lower rates. On the global market, spot gold was down 0.47%, trading at $3,294.19 per ounce during morning hours.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted that the absence of strong bullish drivers has increased the potential for a deeper correction in gold prices, especially following signs of waning demand. He pointed out that gold did not rise alongside silver and platinum or gain from safe-haven demand during the brief Israel-Iran tensions. Additionally, robust U.S. economic data has pushed back expectations for interest rate cuts, yet gold has remained relatively stable—highlighting its underlying strength.
Meanwhile, Dilin Wu, Research Strategist at Pepperstone, said investor attention has now turned to U.S. trade policy updates and related statements by former President Donald Trump, which could influence short-term movements in gold prices this week.