Dubai: Gold prices hold steady; 24K rise slightly to reach Dh482.50

Gold has continued its slight fluctuations throughout the weekend but largely stayed steady, a phenomenon analysts expect to continue till the end of this year.

Globally, spot prices stood at $4016.55 per ounce at 9:50am UAE time, while silver stood at $48.96. 

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In Dubai, the price of 24K rose slightly to stand at Dh482.50 on Monday morning. Similarly, 22K, 21K and 18K stood to Dh446.75, Dh428.25, and Dh367.25 per gram, respectively. 

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According to Amina Mohammed Ali, Director of Zaiba Jewellers, the gold market will continue to hold steady for the rest of the year. “We don’t expect any major swings to happen either way for the rest of the year,” she said. “I think the markets will continue to consolidate in the next two months. It will hold steady and we don’t expect any major movements.”

Earlier, an expert had said that the prices of gold could hit $5000 in 2026. However, he added that the peak of the yellow metal for this year might be over. “My view is that we will eventually move higher,” said Ole Hansen, Head of Commodity Strategy at Saxo Bank. “$5,000 is not out of reach but I think that's going to be a story for 2026. We may have seen the peak this year.”

The markets have remained jittery after several uncertainties in the global market over the weekend. On Thursday the first meeting between US President Donald Trump and Chinese premiere Xi Jinping “yielded a temporary truce rather than a comprehensive long-term trade deal”, according to Aaron Hill, Chief Analyst at FP Markets.

“While this modest de-escalation buys some time, the lack of a long-term framework leaves global trade dynamics uncertain,” he added. 

Nasreen Abdulla

nasreen@khaleejtimes.com

Nasreen Abdulla is a Special Correspondent covering food, tech and human interest stories. When not challenged by deadlines, you’ll find her pulling off submissions on the jiu jitsu mats.