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After losing Dh29, gold prices recover Dh19 per gram in UAE
JP Morgan has projected that the gold prices could reach $6,300 per ounce by the end of 2026, led by demand from central banks and investors
- PUBLISHED: Tue 3 Feb 2026, 9:51 AM
- By:
- Waheed Abbas
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Gold prices bounced back in Dubai on Tuesday morning, recovering some of the losses recorded in the previous session.
The 24K gold price jumped Dh19 per gram to Dh579.75 per gram at the opening of the markets in Dubai on Tuesday after losing nearly Dh29 on Monday as prices bounced back globally.
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Among the other variants of the yellow metal, 22K, 21K, 18K and 14K rose to Dh537.0, Dh514.75, Dh441.25 and Dh344.25 per gram, respectively. Spot gold jumped over four per cent to $4,829 per ounce.
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The US financial institution JP Morgan has projected that the gold prices could reach $6,300 per ounce by the end of 2026, led by demand from central banks and investors.
It sees central banks buying 800 tonnes of gold this year.
“We remain firmly bullishly convinced in gold over the medium-term on the back of a clean, structural, continued diversification trend that has further to run amid a still well-entrenched regime of real asset outperformance vs paper assets,” it said in a note.
Metals underwent a sharp repricing moment on Friday, posting their steepest declines in decades.
“The yellow metal entered a pronounced corrective wave after registering historic peaks near the $5,600 level. The rapid retreat below $4,900, representing a loss exceeding 9 per cent in Friday’s session alone. Despite this sell-off, the long-term structural narrative supporting gold remains firmly intact with central banks' price-insensitive accumulation of reserves,” said Ahmad Assiri, research strategist at Pepperstone.
