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Gold prices in Dubai drop further, losing Dh19 per gram so far this week
Looking ahead, gold’s trajectory will remain closely tied to developments in the Middle East and their impact on energy markets, inflation expectations, and monetary policy.
- PUBLISHED: Fri 24 Apr 2026, 12:19 PM
[Editor's Note: Follow Khaleej Times live blog for the latest regional developments with the US-Israel-Iran ceasefire now in effect.]
Gold prices continued their downward trend in Dubai, losing another Dh2.5 per gram on Friday morning.
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The 24K gold was trading at Dh563.25 per gram at the market open on Friday, down from Dh565.75 per gram at the close of the markets on Thursday. It has lost Dh19 per gram so far this week.
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Among the other variants of the precious metal, 22K, 21K, 18K and 14K were trading at Dh521.50, Dh500.00, Dh428.75 and Dh334.25 per gram, respectively.
Spot gold was down 0.32 per cent at $4,691 per ounce. Silver slipped to $74.78 per ounce, down 0.85 per cent.
Precious metal prices have been declining due to concerns over interest rate hikes and inflation stemming from the Middle East war amid high oil prices.
Ahmad Assiri, research strategist at Pepperstone, said recently that gold price action is clearly offering a signal that the traditional safe-haven narrative is losing traction as a geopolitical driver.
“Despite headlines continuing to reflect elevated tensions tied to the Iran conflict, there has been no material shift in the geopolitical landscape or a clear de-escalation. The yellow metal is effectively being the adult in the room, showing restraint in such an uncertain environment rather than reacting impulsively, and remaining anchored in a relatively tight range that has become a defined consolidation zone clustered around $4,750 an ounce,” said Assiri.
This, he said, reflects a phase of geopolitical fatigue.
“Events that would typically trigger a flight to safety are being absorbed without follow-through. The interplay across asset classes is critical, with a relatively firm US dollar and elevated US Treasury yields creating a meaningful headwind that continues to cap upside in gold,” he added.
