Dubai gold prices soar ahead of Eid Al Adha as 24K nears Dh550

Dubai: Dubai gold prices climbed sharply on Monday, with 24K gold moving close to the Dh550 mark, adding pressure on shoppers planning Eid Al Adha purchases.

The rise in local rates comes as international gold prices gained ground, supported by a weaker US dollar, falling oil prices and shifting investor sentiment around US-Iran peace negotiations.

Gold is often seen as a safe-haven asset during periods of geopolitical uncertainty. However, changing oil prices and inflation expectations are also influencing the precious metal’s direction.

In Dubai, 24K gold rose to Dh549.75 per gram, up from Dh543.25 yesterday — a jump of Dh6.50 per gram. 22K gold climbed to Dh509.25, compared to Dh503.25 a day earlier, rising Dh6 per gram.

(Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait, and India.)

Gold buyers in Dubai see price jump

The sharp rise comes just days before Eid Al Adha, a key period for jewellery buying in the UAE, when residents often purchase gold jewellery, coins and gifts.

For shoppers, today’s increase means a noticeable jump in costs. This could make some buyers cautious, especially after recent volatility in gold markets.

India gold prices

Gold prices in India also moved up, tracking global bullion gains.

24K gold rose to ₹15,938 per gram, or ₹159,380 per 10 grams, up from ₹15,905 per gram or ₹159,050 per 10 grams yesterday.

22K gold climbed to ₹14,610 per gram, or ₹146,100 per 10 grams, compared to ₹14,580 per gram or ₹145,800 per 10 grams a day earlier.

The move reflects the broader global trend, where investors have been reacting to currency movements and geopolitical developments.

Global markets remain cautious

International gold prices were trading around $4,557.44 per ounce, up $14.63, or 0.32 per cent, as investors reacted to signs that the US and Iran may be moving closer to a deal that could reopen the Strait of Hormuz and ease pressure on global energy markets.

Gold rose as much as 1.6 per cent to around $4,580 an ounce during trading, recovering from last week’s losses, as hopes of a diplomatic breakthrough tempered inflation concerns.

Analysts said easing fears over energy supply disruptions have helped cool inflation expectations, while a weaker US dollar has also supported bullion by making it cheaper for buyers holding other currencies.

Spot gold was later trading at $4,561.41 an ounce, up 1.2 per cent, while the Bloomberg Dollar Spot Index slipped 0.2 per cent.

However, market watchers say gold’s gains remain cautious, as investors are waiting for firmer details on any final agreement between Washington and Tehran. Negotiations are still ongoing, and traders are also watching how the US Federal Reserve responds to inflation risks and interest-rate pressures in the months ahead.