Dubai gold price stuck at Dh358.25/g levels on softer dollar

Dubai: The Dubai gold price has remained in a tight range in the last 24 hours, currently at Dh358.5 for a 22k gram. That’s up Dh1 from yesterday, even as bullion prices stayed steadfast in the $3,200 an ounce levels.

But shoppers in the UAE can still take some positive - the Dubai gold rate has come down from the Dh361.25 a gran levels - which is the highest ever it has been.

“There is nothing to suggest that gold prices are going to retreat drastically even as the Trump tariffs took a 90-day pause,” said a jewellery retailer.

“Plus, the dollar remains weak and that’s always meant net gains for gold. This is what’s playing out.”

Industry sources say it’s too early to talk about the sort of price range gold might show in the next few days. Current levels have never been seen before, and what the upper limit to the current surge is still being tested.

“Any additional tit for tat measures between China and the US could show up in new volatility for global markets,” said the analyst. “A further drop in the dollar value will then reflect in an outsized manner on good volatility.”