Dubai gold rates cool: What UAE shoppers can expect in the days ahead

Dubai: Gold prices in Dubai slipped by nearly Dh15 heading into the weekend, with 24-karat falling back below the Dh500 mark after briefly looking set to hold higher. The drop has given shoppers some welcome relief — but the question now is whether the softer prices will stick or if gold will repeat last week’s sharp swings.

After hitting some of the strongest levels this month, 24-karat is now retailing at Dh492.25 per gram, down from an earlier jump to Dh506 and well above last week’s average of Dh481.The 22-karat rate also eased to Dh455.50, after touching Dh468.75 earlier in the day.

It had already bounced back from a short-lived dip to Dh465.25 on Thursday, adding to the week’s volatility. (Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait, and India.)

Gold saw sharp moves last week. Prices climbed early on hopes of a US rate cut, then slipped after comments from Federal Reserve officials suggested the opposite. The quick end to the US government shutdown also eased some of the anxiety that had been supporting gold. After touching levels above $4,200 an ounce mid-week, the metal fell back toward $4,080, holding steady but no longer surging the way it did earlier in the year.

For UAE shoppers, this means gold is likely to stay close to where it is now over the coming days, with only small rises or dips depending on global news – and analysts agree.

If uncertainty increases — whether through geopolitical tension or weaker US economic data — prices could edge higher in local stores. If markets calm down and the US posts stronger numbers, you may see a slight drop instead. Unless something major happens, prices are expected to move only modestly.

If you need to buy gold this week for a gift, upcoming travel, or a planned purchase, doing so now gives you stability in a market that is high but not extreme. If you’re flexible and don’t mind watching the news for a few days, you might catch a small dip.

Gold remains quick to react to global events, so keeping an eye on US data, the dollar, and regional developments can help you judge whether prices are shifting one way or the other.