Dubai: Gold rally takes a breather, prices slip in early trade

[Editor's Note: Want to know the gold rate in Dubai? Click here]

Gold prices took a breather at the opening of markets in Dubai on Monday, following a strong rally in the past few weeks.

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On the first trading day of the week, the 24K variant of the yellow metal slipped Dh2.25 per gram to Dh544.0 while 22K dropped Dh2 to Dh503.75.

Among the other gold variants, prices of 21K, 18K and 14K dropped to Dh483.0, Dh414.0 and Dh323.0 per gram, respectively.

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Spot gold was trading at $4,517.96 per ounce, down 0.36 per cent.

Gold hit a record high on Friday as intensifying geopolitical tensions continued to underpin demand for safe-haven assets.

“The rally has also been reinforced by positive inflows into gold-backed ETFs, ongoing purchases by central banks, and expectations of a more accommodative US monetary policy outlook over the medium term. Geopolitical risks remain elevated across several fronts,” said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.

In Latin America, investor attention remains on the US blockade of Venezuelan crude shipments. In Eastern Europe, tensions continue with no clear path toward a ceasefire, while risks in the Middle East remain. In Asia, frictions between China and Japan remain elevated, adding another layer of uncertainty to the global outlook. Recent developments in Africa have also had an impact on investor sentiment.

“From a monetary policy perspective, markets continue to expect the Federal Reserve to deliver two interest rate cuts in 2026, a scenario that supports non-yielding assets such as gold. Looking ahead, the approaching end of US Fed Chair Jerome Powell’s term and the possibility of a more dovish Fed leadership could serve as tailwinds for bullion. With year-end approaching, thinner market liquidity may amplify price swings,” he added.

Waheed Abbas

waheedabbas@khaleejtimes.com

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.