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Gold prices slip on Monday morning, but 24K still trades above Dh500
US bank JPMorgan says demand for gold from key sectors would not be as strong as it had expected, limiting the rise in gold prices to $4,500 per ounce in the fourth quarter
- PUBLISHED: Mon 6 Jul 2026, 9:24 AM
Gold prices slipped in Dubai at the start of the week as Goldman Sachs sees risks to the downside for the precious metal.
The 24K gold price was trading at Dh501 per gram in the UAE on Monday morning, down from Dh503 at the close of the markets over the weekend.
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Among the other variants of the precious metals, 22K, 21K, 18K and 14K opened lower at Dh464, Dh445, Dh381.25 and Dh297.5 per gram, respectively.
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Spot gold was down 0.67 per cent at $4,155 an ounce at 9.10am UAE time. Silver was down over one per cent at $61.81.
JPMorgan said demand for gold from key sectors would not be as strong as it had expected, limiting the rise in gold prices this year to $4,300 an ounce in the third quarter and $4,500 per ounce in the fourth quarter, Reuters reported.
The bank said the risks to its forecast skew to the downside, given possible early interest rate hikes by the US Federal Reserve if data were to come in hot over the balance of the summer.
As recently as June 9, JPMorgan had said it expected gold prices to rise to $6,000 by year end.
“$4,000 looks like a very good support at this moment, and I think the market will stay here for quite a while. However, there is still a lot of uncertainty, which is why people are hesitating to buy too much at this moment. If prices fall back below $4,000, we could see some further buying interest on the dip,” Peter Fung, head of dealing at Wing Fung Precious Metals, told Reuters.
