E-Paper
Sign In
Dubai gold falls below Dh500 a gram, is now the time to buy?
The precious metal prices were on track for a third consecutive weekly decline, making gold jewellery more affordable for visitors and residents in Dubai and UAE
- PUBLISHED: Fri 19 Jun 2026, 9:24 AM
Gold prices plunged in Dubai on Friday morning with 24K slipping below Dh500 per gram, making gold jewellery more affordable for shoppers in Dubai and UAE.
The 24K gold price was trading at Dh496.75 per gram at the opening of the markets on Friday, down from Dh509.25 per gram at the close of the markets on Thursday, losing Dh12.5 per gram.
Recommended For You
The 22K variant of the precious metal fell Dh11.5 to Dh460.0 per gram in early trade. While 21K, 21K and 18K gold prices were trading lower at Dh441.25, Dh378.0 and Dh295.0 per gram, respectively.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Spot gold fell below $4,200, trading at $4,123 an ounce, losing 2.4 per cent. Silver lost over four per cent to $63.63 an ounce.
The precious metal was pressured by hawkish policy signals from the US Federal Reserve and a stronger dollar, while the US-Iran ceasefire deal that dialed back inflation concerns and sent oil markets lower put a floor under prices.
The precious metal was heading for a third weekly loss on Friday.
Ahmad Assiri, Research Strategist at Pepperstone, said gold is taking its cues from monetary policy with the Fed's meeting reinforcing a hawkish tilt that has weighed on investor sentiment.
“While policymakers left rates unchanged, markets see the accompanying presser as relatively hawkish, prompting investors to reassess the likelihood that borrowing costs remain elevated for an extended period with now 40 per cent probability of a rate hike in the next FOMC meeting. This stance has pushed US Treasury yields and the US dollar higher, creating a challenging backdrop for the precious metal. Gold becomes less attractive when investors can earn stronger returns from fixed income securities, while a firmer dollar above the 100 mark also makes bullion more expensive for international buyers,” he said.
Although geopolitical risks remain present, he said, they seem to be a less dominant force behind price action.
“Instead, investors are focusing on whether incoming US economic data will justify the Federal Reserve maintaining restrictive policy under the Warsh era or restoring the path for easing expectations to the pre-Iran conflict outlook.”
Moreover, Assiri said inflation dynamics also present a complex picture but is certainly the more pressing side of the Fed mandate.
“Hence the persistent price pressure is repricing expectations for tight monetary policy in the coming months, likely limiting the yellow metal's upside potential in the current environment,” he added.
