Dubai gold prices climb close to August high, what buyers are paying now

24K gold rises Dh3.50 on Monday after gaining nearly Dh44 since August began

Last updated: August 17, 2026 | 09:12

Nivetha Dayanand, Assistant Business Editor

2 MIN READ

Dubai gold prices climb close to August high, what buyers are paying now

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Dubai: Dubai gold prices moved closer to their highest level of August on Monday, leaving jewellery buyers facing rates that have risen by nearly Dh44 per gram since the beginning of the month.

The 24K variety was priced at Dh531 per gram at 8.34 am in Dubai on Monday, up from Dh527.50 on Sunday, while 22K gold climbed to Dh491.75 from Dh488.50.

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Monday's rate puts 24K gold just Dh2.25 below its August high of Dh533.25 recorded on August 12, keeping prices close to the upper end of this month's range.

Buyers who had been tracking gold since the start of August have seen a sizeable change within little more than two weeks. The 24K rate stood at Dh487.25 on August 1, meaning it has gained Dh43.75 per gram, or almost 9%, by Monday morning.

The increase has been similar for 22K gold, which has risen from Dh451.25 at the start of August to Dh491.75, a gain of Dh40.50 per gram.

Prices moved quickly this month

Gold began August below Dh500 per gram for the 24K variety, slipping to Dh485.50 on August 3 before rising to Dh492.25 the following day.

The pace picked up during the first week, with 24K gold reaching Dh510.50 on August 6 and Dh523.75 on August 7. Prices later climbed to Dh533.25 on August 12, before easing to Dh523.50 a day later.

Monday's move back to Dh531 leaves prices within touching distance of that August peak.

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Global gold holds near $4,400

Internationally, gold extended a two-week advance and was trading near $4,400 an ounce after ending the previous week almost 1% higher.

Weaker US retail sales data and a decline in consumer sentiment weighed on the dollar and helped ease concerns over an imminent US interest rate increase, which can weigh on gold because the metal does not pay interest.

A gauge of the US dollar fell 0.2% on Monday, making dollar-priced bullion cheaper for buyers using other currencies, while the US Treasury yield curve was also steepening.

Gold's recovery above $4,000 an ounce has also coincided with renewed investor demand and increased central bank purchases, including buying by China.

Energy risks remain in focus

Uncertainty around global energy supplies continues after more ships came under attack in the Strait of Hormuz late last week, while the US said it was preparing additional measures targeting Iran's economy.

Some vessels have continued to exit the strait with their satellite transponders switched off, helping keep energy prices in check, while Iran and Oman appear to be moving closer to an agreement on how the waterway should be managed.

The US is not part of those talks.

Gold moved above its 100-day moving average last week for the first time since April and continues to trade near that level, with Dubai retail rates now sitting close to their highest point of August.

- 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.