Gold prices slipped at the start of the trading week in Dubai, following a stronger US dollar as investors awaited new market drivers.
At 9 a.m. UAE time, the price of 24K gold dropped to Dh363.75 per gram, down from Dh364.50 per gram at the close of the previous week’s market. Other gold variants also saw a decrease: 22K gold fell to Dh337 per gram, 21K dropped to Dh323, and 18K decreased to Dh277 per gram.
Globally, gold traded at $3,022.39 per ounce, marking a decline of 0.62%.
Fadi Al Kurdi, CEO of FFA Kings, explained that strong demand for gold as a safe-haven asset—prompted by heightened tensions in the Middle East—helped push prices to record highs last week. “This ongoing instability is likely to continue weighing on investor sentiment and supporting gold’s appeal,” said Al Kurdi. “In Eastern Europe, while hopes for diplomatic progress between Russia and Ukraine provided some relief, renewed Russian strikes on civilian infrastructure have tempered optimism, keeping markets on edge.”
Al Kurdi also noted that the Federal Reserve’s cautious approach could limit gold’s potential for further gains. “Persistent trade tensions could stoke inflationary pressures, prompting the Fed to adopt a more hawkish stance. However, signs of an economic slowdown could lead to a looser policy, offering renewed support for gold,” he added.
