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Gold prices ease in Dubai as safe-haven demand persists
Globally, spot gold was trading at $4,123.37 an ounce, down 0.56 per cent. Silver also lost 0.59 per cent, trading at $59.59 an ounce.
- PUBLISHED: Thu 23 Jul 2026, 9:54 AM
Gold prices eased in Dubai on Thursday morning after reaching Dh500.75 per gram at the market close on Wednesday, while persistent safe-haven demand and continued central bank buying helped support the precious metal.
The 24K gold price was trading at Dh496.75 per gram, losing Dh4 per gram. Among the other variants of the precious metal, 22K, 21K, 18K, and 14K were trading at Dh460, Dh441.25, Dh378 and Dh295 per gram, respectively.
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Globally, spot gold was trading at $4,123.37 an ounce, down 0.56 per cent. Silver also lost 0.59 per cent, trading at $59.59 an ounce.
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Analysts at Saxo Bank said gold remained resilient despite the stronger dollar and higher US bond yields, extending gains towards $4,130 an ounce after climbing nearly 1.9 per cent on Tuesday.
"Bullion is holding up despite firmer US yields and a stronger dollar, as energy-driven inflation risk and safe-haven demand from the Middle East conflict outweigh those headwinds," the analysts said.
Nagham Hassan, market analyst at eToro, said that the recent weakness in gold has been driven primarily by changing interest rate expectations. “While prices remain modestly lower year-to-date and around 25 per cent below January's record high, the recent correction masks a significant shift in who is selling and who is buying,” she said.
"Higher US real yields and a stronger dollar have weighed on prices, prompting selling from Western investors and futures traders. At the same time, central banks and long-term buyers, particularly in China, have continued accumulating physical gold."
Hind Aldah is a business reporter based in Sharjah. In her spare time, you will find her playing classical guitar, painting amateur oil paintings, or crocheting the same old scarf that leads nowhere.