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Dubai gold prices fall further, losing nearly Dh12 on June 5
If Strait of Hormuz stays closed for a long time, analysts say, this would keep global supply disrupted, holding oil prices high and prolonging heavy selling pressure on gold
- PUBLISHED: Fri 5 Jun 2026, 6:41 PM UPDATED: Fri 5 Jun 2026, 10:24 PM
Gold prices continued their downward trend, losing nearly Dh12 per gram on Friday as the precious metal fell below $4,400 an ounce.
According to Dubai Jewellery, 24K gold prices plunged Dh11.75 per gram on Friday, trading at Dh526.75 per gram. Similarly, 22K, 21K, 18K and 14K fell to Dh487.25, Dh467.25, Dh400.5 and Dh312.25 per gram, respectively.
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Globally, gold fell below $4,400 on Friday evening, trading at $4,358 an ounce, losing 2.7 per cent.
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Simon-Peter Massabni, Head of Business Development at xs.com, said the increasing pressure on gold comes amid the absence of any near-term settlement of the war in the Middle East and rising fears among industry professionals that inventories will deteriorate over the next few weeks.
"Furthermore, the continuous, massive outflows of funds from physical gold exchange-traded funds, alongside the stock market's strong appeal and attractive bond yields, are adding to the selling pressure on the metal. No decisive agreement is on the horizon with Iran to end the war, contrary to all of Donald Trump's claims so far. In addition, the conflict between Hezbollah and Israel does not seem to be heading toward a resolution anytime soon, especially with the announced ceasefire collapsing even before taking effect," he said.
Without a signed and firm agreement and a true stop to the fighting on the Lebanon front, Massabni added, the Strait of Hormuz could stay closed for a long time.
"This would keep global supply disrupted, holding oil prices high and keeping the upward risks of inflation alive, prolonging heavy selling pressure on gold," he said.
