Gold prices see a slight dip in Dubai as market dynamics shift
Following a peak of Dh500.75 per gram on Wednesday, gold prices in Dubai experienced a minor decline on Thursday morning. The 24K variant saw a drop of Dh4, trading at Dh496.75 per gram, with corresponding decreases across 22K, 21K, 18K, and 14K categories. This local adjustment mirrors broader international trends, where spot gold dipped 0.56 percent to reach $4,123.37 an ounce, while silver also saw a slight retreat in value.
Despite this brief cooling, experts believe the metalâs underlying strength remains intact. Analysts at Saxo Bank point out that bullion is proving resilient against the pressures of a stronger dollar and rising US bond yields, bolstered primarily by persistent safe-haven demand stemming from Middle East tensions and concerns over energy-driven inflation. According to eToro market analyst Nagham Hassan, while Western investors and futures traders are currently offloading gold due to interest rate fluctuations, central banks and long-term buyersâespecially in Chinaâare actively building up their physical holdings, effectively cushioning the commodity against sharper declines.