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Gold prices steady in Dubai after losing over Dh21 per gram in 10 days
US investment bank JPMorgan has lowered its 2026 average gold price forecast to $5,243 per ounce, down from $5,708 an ounce earlier as yellow metal stays under pressure
- PUBLISHED: Mon 18 May 2026, 9:24 AM
Gold prices were steady at the start of the week in Dubai after losing more than Dh21 per gram over the past 10 days. Data from the Dubai Jewellery Group showed the 24K gold price trading at Dh547.25 per gram, down Dh21.25 per gram over the past days. The 24K gold was trading at Dh568.5 per gram on May 8.
The other precious metal variants – 22K, 21K, 18K and 14K – were trading at Dh506.75, Dh486.0, Dh416.5 and Dh325.0 per gram, respectively, on Monday morning. Spot gold inched up to $4,535.7 per ounce.
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Gold slipped toward this month’s lowest point on Friday as a rise in Treasury yields and a firm US dollar continued to weigh on the metal. Elevated energy prices and resulting inflation concerns could maintain upward pressure on US Treasury yields, weighing on non-yielding assets in the process.
On Monday, it fell 1.1 per cent to $4,488.99 per ounce in earlier trade, hitting its lowest level since March 30. The precious metal came under pressure from rising geopolitical tensions after a drone strike caused a fire at a nuclear power plant in the UAE, lifting crude prices and bets on interest rates.
In addition, Saudi Arabia also reported intercepting three drones, while US President Donald Trump warned that Iran must act “fast” after efforts to end the US-Israeli war appeared to have stalled.
Importantly, US investment bank JPMorgan lowered its 2026 average gold price forecast to $5,243 per ounce, down from $5,708 earlier.
