Dubai gold rate drops Dh7 in hours as Israel-Iran ceasefire starts

Should UAE shoppers wait to see if gold drops all the way to Dh360 levels?

Last updated: June 24, 2025 | 11:04

Manoj Nair, Business Editor

1 MIN READ

From the peak to right now, it's a Dh13 a gram drop for Dubai gold rate. In just days.

Gulf News Archive

Dubai: The Dubai gold rate has dropped by Dh7 to Dh370.25 a gram for 22K as the ceasefire deal between Israel and Iran brings down the price of the safe haven asset. This is the lowest local gold price since June 9, when it was Dh369.75.

On June 13, the Dubai gold rate was at Dh383.50 a gram.

This morning, in the global metals market, gold is down by a sizable $56 an ounce to $3,322. Indications are clearly for more price declines, as markets calibrate all that's been happening in the last 12 hours, culminating with US President Trump saying that a ceasefire has been struck.

Also Read: Dubai gold rate: Will an Israel-Iran ceasefire bring price to under Dh370?

"Gold is heading back to levels that shoppers could be comfortable with," said a gold wholesaler. "From Dh383 levels to anything under Dh370 is a big drop, if someone wants to buy gold. For someone wanting to wait further, the next level they should wait for is anything close to Dh360 or under."

Manoj NairBusiness Editor

Manoj Nair, the Gulf News Business Editor, is an expert on property and gold in the UAE and wider region, and these days he is also keeping an eye on stocks as well. Manoj cares a lot for luxury brands and what make them tick, as well as keep close watch on whatever changes the retail industry goes through, whether on the grand scale or incremental. He’s been with Gulf News for 30 years, having started as a Business Reporter. When not into financial journalism, Manoj prefers to see as much of 1950s-1980s Bollywood movies. He reckons the combo is as exciting as it gets, though many will vehemently disagree.