Dubai gold prices remain steady, slipping only Dh2 over the past month

Dubai gold prices remained largely stable on Friday, falling by just Dh2 per gram over the past month, offering buyers some relief despite continued geopolitical uncertainty.

The 24K variant of the precious metal was trading at Dh491.75 per gram at the market open on Friday, down from Dh495.50 at the close of the markets on Thursday.

The other variants, 22K, 21K, 18K, and 14K, were trading at Dh455.50, Dh436.75, Dh374.25, and Dh292, respectively.

Globally, spot gold was down 0.51 per cent to $4,080 per ounce as of 9:15am UAE time, while silver fell 0.29 per cent to $58.64 per ounce.

The World Gold Council said in its Q2 report that global gold demand remained resilient despite softer prices. Total demand, including over-the-counter (OTC) investment, was unchanged year-on-year at 1,269 tonnes, lifting first-half demand 2 per cent to 2,522 tonnes, with its value reaching a record $380 billion.

Senior Markets Analyst at the World Gold Council, Louise Street, said that investment is likely to drive growth for the second half of 2026, though the demand mix could shift. “OTC activity and demand from Asian investors are expected to play an increasingly prominent role, while Western gold ETF interest may be more closely linked to real yields, US monetary policy expectations and the dollar.”

The report noted that central bank buying rebounded sharply to 289 tonnes during the second quarter after a weak start to the year, while bar and coin investment remained broadly stable. However, gold ETF holdings came under pressure as investors responded to weaker prices, rising interest-rate expectations and a stronger US dollar.

Jewellery demand fell to its lowest quarterly level since the pandemic as elevated prices continued to weigh on affordability, although spending on gold jewellery increased in value as consumers continued to buy lighter-weight pieces.

Hind Aldah is a business reporter based in Sharjah. In her spare time, you will find her playing classical guitar, painting amateur oil paintings, or crocheting the same old scarf that leads nowhere.