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Time to buy? Gold prices drop further in Dubai, losing Dh15 per gram
Gold prices in Dubai have lost more than Dh118 per gram since the Middle East military conflict involving the US, Israel and Iran broke out on February 28
- PUBLISHED: Mon 23 Mar 2026, 9:41 AM
[Editor's Note: Follow Khaleej Times live blog amid US-Israel-Iran war for the latest regional developments.]
Gold prices continued their downward trend on Monday morning, dropping over Dh15 per gram as the precious metal slipped below $4,400 per ounce globally.
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The 24K gold price was trading at Dh526.25 per gram on Monday morning, down from Dh541.5 per gram at the close of markets last week – a decline of Dh15.25 per gram.
The 24K gold price dropped Dh103 per gram in the UAE in the first three weeks of March due to the ongoing regional conflict. The early Monday drop took its losses to over Dh118 per gram month-to-date.
The 22K gold price plunged below the key psychological level of Dh500 on Monday, trading at Dh487.25 per gram, down Dh14.25 per gram.
Among other variants of the precious metal, 21K, 18K, and 14K fell to Dh467.25, Dh400.5, and Dh312.5 per gram, respectively.
Spot gold was trading at $4,356.48 per ounce, down three per cent. Similarly, silver fell to $66 (Dh242) per ounce, down 2.9 per cent in early trade.
Gold has been trending downward due to the Middle East conflict involving the US, Israel, and Iran, which has stoked inflation fears.
Ole Hansen, head of commodity strategy at Saxo Bank, said the war’s impact on energy markets has lifted inflation expectations at a time when central banks were already cautious about easing.
“The surge in oil and refined product prices — particularly diesel — has reduced the likelihood of near-term rate cuts and, in some cases, pushed market pricing toward a ‘higher-for-longer’ rate outlook. This has supported real yields, a key headwind for non-yielding assets such as gold,” said Hansen.
In addition, the US dollar has strengthened.
“In the current environment, geopolitical stress combined with rising energy prices tends to channel capital into dollar-denominated assets. This creates a competing safe-haven dynamic where gold’s traditional role is partly diluted by a firmer dollar,” he added.
