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Gold prices in the UAE saw a minor dip as trading began on Monday, though values stayed close to their highest levels in two months due to ongoing geopolitical tensions between Israel and Iran.
According to the latest data from the Dubai Jewellery Group, 24K gold was priced at Dh413.0 per gram early Monday, slightly down from Dh413.5 at the previous market close. Other variants also showed modest declines: 22K traded at Dh382.75 per gram, 21K at Dh367.0, and 18K at Dh314.5 per gram.
In global markets, spot gold slipped by 0.43%, settling at $3,418.76 per ounce—still near recent highs as investors continue seeking safe-haven assets amid regional instability.
The sustained high prices could impact consumer demand for gold jewelry in the UAE just ahead of peak travel season during summer holidays—a time when many expatriates traditionally purchase gifts before returning home.
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Market analysts anticipate gold will maintain its elevated pricing due to persistent tensions across Middle Eastern markets.
"We're seeing political risk premiums rise significantly because of current Iran-Israel conflicts," explained Kelvin Wong, senior Asia Pacific market analyst at Oanda. "The breakout above $3,400 confirms a strong short-term uptrend with resistance now forming around $3,500—if that level breaks we could see fresh record highs." The precious metal's status as a traditional safe investment continues attracting buyers despite minor pullbacks in local markets. Traders suggest monitoring both geopolitical developments and technical indicators closely this week for clearer direction on whether prices can sustain current levels or push higher still. The Dubai retail sector remains cautiously optimistic about maintaining sales volumes through promotional strategies even with these price pressures.
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