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Time to buy? Dubai gold prices plunge over Dh60 per gram in a month
Spot gold extended its losses globally on Wednesday morning, trading 1.25 per cent lower at $3,975 per ounce as of 9:25am UAE time, down from $3,987 the previous day
- PUBLISHED: Wed 1 Jul 2026, 10:11 AM UPDATED: Wed 1 Jul 2026, 10:35 AM
UAE gold prices slipped to Dh479.25 per gram on Wednesday morning, down from Dh485.25 per gram at the close of the markets on Tuesday, losing a further Dh6.
This follows a downward trend seen in recent days, with the precious metal remaining below the Dh500-per-gram mark after falling beneath the key threshold earlier this week.
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Over the past month, the 24K variant of the precious metal lost Dh60.5 per gram.
The other variants, 22K, 21K, 18K, and 14K, were all trading Dh1 lower than the previous day at Dh443.75, Dh425.50, Dh364.75, and Dh284.50, respectively.
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Globally, spot gold continued its low momentum, trading at $3,975 per ounce as of 9:25am UAE time, down 1.25 per cent from $3,987 the previous day. Silver was trading at $57.6, down almost 3.1 per cent.
Gold and silver are falling because the dollar has strengthened, investors are selling, and technical signals have triggered further liquidations, Ole Hansen, head of Commodity Strategy at Saxo Bank, said.
He explained that year-to-date gold is “down 8.4 per cent (though up 18.5 per cent over 12 months) and silver is down 19 per cent (but up 56 per cent over 12 months). The dollar’s recent surge, fueled by a hawkish Fed message and higher expected U.S. rates, raises the cost of holding non-yielding metals, while ETF outflows and reduced speculative positions add pressure.”
Gold’s steep prices, the lowest since October 2008, has broken below the $4,000 mark, which points to continued long liquidation as the precious metal extends its 26 per cent correction from January’s record high, Hansen said.
“The main headwinds remain the stronger dollar and continued ETF outflows, while speculative positioning has already been reduced significantly,” he added.
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.