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Dubai gold prices steady after losing nearly Dh73 per gram in March
Gold's failure as a safe haven throughout March 2026 highlights a shift in the global macro landscape as it lost nearly Dh73 per gram in Dubai despite Middle East conflict
- PUBLISHED: Wed 1 Apr 2026, 9:23 AM
[Editor's Note: Follow Khaleej Times live blog amid US-Israel-Iran war for the latest regional developments.]
Gold prices were steady in Dubai on Wednesday morning after rising more than Dh13 per gram in the previous session.
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Data from the Dubai Jewellery Group showed 24K gold at Dh563.50 per gram, up from Dh563.25 at Tuesday’s close.
Other variants – 22K, 21K, 18K and 14K – were trading at Dh521.75, Dh500.25, Dh428.75 and Dh334.50 per gram, respectively.
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Gold lost more than Dh100 per gram last month before recovering, but still ended March 2026 down nearly Dh73 per gram amid inflation concerns driven by the ongoing military conflict in the Middle East.
Globally, spot gold was at $4,677 per ounce, up 0.63 per cent, while silver slipped 0.5 per cent to $74.28.
Ahmad Assiri, research strategist at Pepperstone, said gold’s failure to act as a safe haven during March signals a shift in the global macro landscape.
“Despite peak geopolitical tensions, the traditional fear trade was completely overshadowed by a surge in US Treasury yields, which supported the dollar and forced a painful downside repricing of the yellow metal. The narrative shifted as the market began factoring in higher inflation expectations. This resulted in a reversal in the monetary easing path, with investors ditching the idea of rate cuts in favor of potential hikes. For gold, an asset that provides no yield, this hawkish-leaning environment acted as a headwind for capital flows,” he said.
Assiri added that technical damage intensified selling pressure after gold fell below the key $5,000 level – previously seen as a floor – and its 50-day moving average.
“The metal lost its luster to the energy complex, where extreme volatility offered a more aggressive vehicle for speculative capital. In a month defined by risk, the market chose the yield of the dollar and the volatility of oil over the safety of gold,” he said.
