Gold prices in Dubai drop after hitting a record high as Greenland tension eases

Gold prices eased on Thursday after hitting a record high in the previous session due to the easing of geopolitical tension.

At the opening of the markets in Dubai on Thursday, 24K gold price fell by Dh8.5 per gram to Dh577.75 as compared to the same rate yesterday morning. On Wednesday, the 24K gold price jumped over Dh15 per gram due to the geopolitical tension between the US and Europe over Greenland.

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Among the other variants, 22K, 21K, 18K, and 14K slipped to Dh535, Dh513, Dh439.75, and Dh343 per gram, respectively.

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Spot gold was hovering around $4,800 per ounce at 9am UAE time on Thursday as safe-haven assets’ demand ‌eased after US President Donald Trump backed down from new tariff threats and proposals to annex Greenland by force.

Gold surged on Wednesday, setting another record, as escalating geopolitical tensions continued to undermine investor confidence and reinforce demand for safe-haven assets.

“The broad risk-off tone has favoured gold. The latter remained on a strong uptrend and stayed at the center of attention for market participants. A move reflected by persistent inflows into gold-backed ETFs and ongoing purchases by central banks, which underline strong conviction in the metal’s medium-term outlook,” said Abdelaziz Albogdady, market research and fintech strategy manager at FXEM.

“Geopolitical risks remain elevated on multiple fronts, including Eastern Europe and the Middle East, reinforcing gold’s appeal amid global uncertainty.”

Written by

Waheed Abbas

Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.