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Gold prices in Dubai hit highest level in three months as 24K nears Dh560
Global spot gold was trading at $4,641.5 per ounce as of 9.10am UAE time, up 0.58% and hitting its highest level since mid-May, while silver lost 0.37%, trading at $68.95 per ounce
- PUBLISHED: Mon 24 Aug 2026, 9:30 AM
[Editor's Note: For the latest updates on US-Iran hostilities since a 14-point MoU expired on August 17, follow the Khaleej Times live blog.]
Gold prices in Dubai edged closer to the Dh600 mark as the precious metal continued its upwards trend this month, trading at its highest in over three months.
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The 24K variant was trading at Dh559.50 per gram at the market open on Monday, gaining Dh3.5 over the weekend. Other variants of the yellow metal, 22K, 21K, 18K, and 14K, were trading at Dh518, Dh496.75, Dh425.75, and Dh332, respectively.
Global spot gold was trading at $4,641.5 per ounce as of 9.10am UAE time, up 0.58 per cent and hitting its highest level since mid-May. Silver lost 0.37 per cent, trading at $68.95 per ounce.
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Analysts say lower US Treasury yields, a weakened dollar, and persistent policy uncertainty is driving gold’s ecosystem.
Naeem Aslam, CIO of Zaye Capital Markets said that US President Donald Trump’s three-day pause on proposed 50 per cent tariffs against Canada reduced one near-term source of economic friction, which could in turn soften demand for defensive assets in the short term.
At the same time, Trump’s comments on Iran and the continued geopolitical uncertainty preserve an important safe-haven premium, he explained, adding that “the emphasis on maintaining US leadership in AI, technology and digital assets can strengthen broader risk appetite, but those themes do not directly remove gold's sensitivity to real yields, currency moves, fiscal conditions and geopolitical hedging.”
Samer Hasn, senior market analyst at xs.com, said gold’s recovery comes amid a new phase in the market capital cycle, as the market witnesses a shift from high-yield US Treasury bonds toward alternative assets, amid uncertainty clouding the fixed income market.
Reuters reports that gold is looking sprightly to start the week and has stepped back into bid mode, taking its cues primarily from a softer dollar and focusing on what higher yields may be signaling about underlying economic strains and policy uncertainty, said Tim Waterer, chief market analyst at KCM Trade.
Hind Aldah is a business reporter based in Sharjah. In her spare time, you will find her playing classical guitar, painting amateur oil paintings, or crocheting the same old scarf that leads nowhere.