Dubai: Gold prices recover after briefly slipping below Dh400

Gold prices rose above Dh400 per gram in Dubai on Thursday morning after plunging to Dh399 per gram on Wednesday evening.

At the opening of the markets on Thursday, 24K was trading at Dh401.75 per gram, up from Dh399 per gram at the close of the markets on Wednesday.

Recommended For You

Dubai: How residents can avoid power cuts amid rainy season; 6 steps to take

China's factory-gate deflation eases in October, consumer prices rise

US: Cleaning woman shot dead by homeowner after arriving at wrong address

Dubai powers ahead as global startup hub: Over 580 digital firms backed in 2025

E-Home Movers expands office relocation services to power Dubai’s business growth

 

Among the other variants, 22K, 21K and 18K opened higher at Dh371.75, Dh356.5 and Dh305.5 per gram, respectively.

Spot gold was trading at $3,334.46 per ounce, up 0.1 per cent, lifted by a weaker dollar and growing uncertainty after reports suggested US President Donald Trump had considered replacing Federal Reserve Chair Jerome Powell as early as September or October.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

The precious metal prices are expected to stay above Dh400 per gram due to geopolitical tensions around the world and uncertainty around Trump’s policies.

Vijay Valecha, Chief Investment Officer at Century Financial, said although short-term fluctuations are expected, gold prices are likely to remain above Dh400 per gram over the long term.

Valecha believes gold will maintain its appeal due to broader economic concerns. He forecasts that gold could rise to $3,700 by the end of the year and potentially reach $4,000 by mid-2026, up from the current $3,335 per ounce.

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.