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Dubai gold prices drop further, down over Dh100 per gram since last week's peak
All the precious metal variants now trade below Dh600 per gram
- PUBLISHED: Mon 2 Feb 2026, 9:30 AM
- By:
- Waheed Abbas
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Gold continued to slide on Monday as the 24K price plummeted more than Dh26 per gram at the opening of the markets, losing over Dh100 per gram from its peak reached last week.
According to Dubai Jewellery Group data, the 24K gold price declined from Dh589.50 per gram last week to Dh563.25 per gram on Monday, a decrease of Dh26.25 per gram. The variant is down Dh102.75 per gram since its peak hit on Thursday, when it reached Dh666 per gram.
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Among the other variants of the precious metal, 22K, 21K, 18K and 14K dropped to Dh521.5, Dh500.0, Dh428.75 and Dh334.25 per gram, respectively.
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Last month, both 24K and 22K gold prices surpassed Dh600 per gram for the first time in Dubai.
Spot gold was trading at $4,651.34 per ounce, down nearly five per cent, as the US dollar strengthened further.
Taking advantage of high gold prices, the UAE residents and investors rushed to sell their gold and silver holdings as prices began to slide on Thursday. Investors believed that the precious metals had reached their peak; therefore, they tried to offload their portfolio to make the most of the rally.
Rania Gule, senior market analyst at xs.com Mena, said the recent wave of selling in gold and silver markets can be understood as the result of a complex interaction between psychological and behavioural factors on one hand, and fundamental and technical variables on the other.
“In phases that follow the achievement of record highs, markets are rarely driven by a single factor; rather, investor decisions are shaped by fears of losing accumulated gains, the rapid flow of news, and shifts in broader macroeconomic expectations,” she said.
