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Dubai gold drops Dh40 from March peak. Is this the buying window?

Prices retreat from peak levels seen at the start of the month

Last updated: March 18, 2026 | 09:53

Nivetha Dayanand, Assistant Business Editor

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Shoppers at gold souq in Deira.

Virendra Saklani/Gulf News

Dubai: Dubai: Gold prices in Dubai edged higher on Wednesday morning, with the 24K rate at Dh601 per gram at 9.17am, up slightly from Dh600 a day earlier, while 22K climbed to Dh556.50 from Dh555.50, yet the broader trend shows prices have dropped Dh40 from this month’s peak on March 2, raising the question of whether this is the right window for jewellery buyers to step in. (Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait, and India.)

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Internationally, bullion continues to trade near the $5,000 mark, holding close to record levels even as momentum slows. Investors are weighing the US Federal Reserve’s interest rate outlook alongside rising inflation risks driven by elevated oil prices.

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Prices move in a tight band

Recent price action shows a clear shift from early-month highs to a more stable range. Gold opened March at elevated levels, with 24K touching Dh641 on March 2 and Dh636 on March 1, before easing gradually through the first half of the month. By March 10 and 11, prices had climbed above Dh628 and Dh623 respectively, marking one of the strongest phases this month.

That rally lost pace quickly, with prices slipping to Dh617.50 on March 12 and continuing to soften toward the Dh600 mark. Over the past week, gold has moved within a narrow band, fluctuating between Dh604 and Dh600, indicating a pause after earlier gains. The 22K segment has followed a similar path, moving from a peak of Dh593.50 at the start of the month to the current Dh556.50 range.

Global cues keep traders cautious

Gold’s direction remains closely tied to expectations around US monetary policy. The Federal Reserve is widely expected to hold rates steady, but markets are focused on signals around inflation and the path ahead for rate cuts.

Higher oil prices have added another layer of uncertainty, feeding concerns about persistent inflation and limiting the scope for aggressive easing. Rising borrowing costs typically weigh on non-yielding assets such as gold, keeping gains in check despite strong underlying demand.

Also Read: Gold fails to deliver the usual crisis surge. Analysts explain why

Also Read: Dubai gold prices rise but stay below Dh600 level

Demand supported by risk outlook

Despite the recent pause, gold has gained roughly 16% so far this year, supported by continued demand for safe-haven assets. Investors are also factoring in the possibility of slower economic growth combined with elevated inflation, a backdrop that tends to support bullion over time.

- With inputs from Bloomberg.

Nivetha DayanandAssistant Business Editor

Nivetha Dayanand is Assistant Business Editor at Gulf News, covering aviation, financial markets and commodities. A business and financial journalist with a strong interest in multimedia storytelling, she regularly takes complex financial and economic subjects beyond the written word, producing explainer videos that make them easier for a wider audience to understand. Nivetha has interviewed senior policymakers, business leaders and global financial figures both on and off camera. Her past guests include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Khaled bin Alwaleed Al Saud, a member of the House of Saud and the founder and CEO of KBW Ventures, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund and Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu. She has also hosted and moderated panels, conferences and awards shows, bringing her newsroom experience to live conversations on business, finance and the economy. An Erasmus Mundus journalism alum, Nivetha is drawn to stories that affect people directly and to reporting that gives a platform to voices that might otherwise go unheard. She was among the first journalists to speak to Petrofac employees in the UAE about unpaid salaries, broke the news of the planned demolition of Dubai’s well-known “Toyota Building”, and helped set the record straight on widely circulated claims that a giant replica of the Moon was coming to Dubai. More recently, her exclusive interview with EDGE Group CEO Hamad Al Marar revealed how the UAE-based defence group deployed its systems along the country’s shore border and established a geofence around the UAE within 48 hours of the February 28 escalation. Prior to joining Gulf News, Nivetha worked at ITP Media, where she helped launch Finance Middle East, a new publication covering the region’s financial sector. Her role spanned reporting and editing, video production, interviews and events. Across print, digital, and video, she focuses on finding the people behind business stories and explaining why those stories matter to the audience reading or watching them.