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Monday, May 19, 2025

UAE: Gold is back up again – but not by much: Will prices settle soon in Dubai?

تم إعداد هذا المنشور من قبل فيجاي فاليتشا

UAE: Gold is back up again – but not by much:...

 

https://www.century.ae/en/vijay-valecha/"> Vijay Valecha , Gulf News, May 19, 2025

Dubai: After a wild ride to record highs earlier this year, gold prices in Dubai are taking a breather. The precious metal, which surged past $3,500 an ounce in April, has since pulled back by more than $300, now hovering around $3,230. While it’s still up over 20% for the year, the rally has lost steam—at least for now.

As of today, gold prices in the UAE are trading at Dh390.50 per gram for 24-karat, Dh361.50 for 22-karat, Dh346.75 for 21-karat, and Dh297.00 for 18-karat.

These levels reflect a recent rebound after 22K briefly dipped below Dh350 per gram last week. The pullback had given buyers hope for deeper discounts, but prices quickly bounced back, frustrating many who were waiting for rates to fall closer to March levels near Dh340.

Why the dip happened

A mix of easing global tensions and shifting expectations around US interest rates triggered the correction. Talks between Russia and Ukraine and easing trade tensions between the US and China helped calm markets. At the same time, fewer expected US rate cuts this year have made gold slightly less appealing as a hedge.

Gold not out of spotlight

Despite the recent dip, gold’s overall trend remains bullish. It started 2025 at around $2,624 and raced to a peak of over $3,500 by late April. Strong buying by central banks, continued interest from Chinese investors, and solid demand for gold-backed ETFs have kept prices well-supported.

Analysts see this correction as temporary. ICICI Bank expects prices to stay between $3,050 and $3,250 in Q2, suggesting relative stability in the near term.

“Trump’s trade policies and a global push to move away from the US dollar are long-term positives for gold,” said Vasu Menon of OCBC. Meanwhile, https://www.century.ae/en/vijay-valecha/"> Vijay Valecha from Century Financial pointed to the recent downgrade of the US credit rating as another factor that could send investors back into gold.

What UAE buyers can expect

Retailers say demand remains soft despite promotional offers. Many shoppers are holding off for deeper dips. But jewellers warn that if prices slip just Dh3 to Dh5 further, they could trigger a fresh buying wave—especially if gold remains rangebound.

The outlook for this week? Unless a new global shock emerges, expect Dubai gold prices to hover between Dh350 and Dh362 per gram for 22K. Buyers hoping for a bigger drop may not want to wait too long—especially if the next rally starts building.

Source


https://gulfnews.com/business/retail/uae-gold-is-back-up-again-but-not-by-much-will-prices-stay-unchanged-for-now-in-dubai-1.500132620">Gulf News






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