Gold prices in Dubai continued their downward trend this Friday, with 22K gold slipping below the Dh500 per gram mark. The 24K variant saw a notable decline, dropping by Dh3.75 to trade at Dh534.75 per gram compared to the previous day’s close. Other versions of the precious metal followed suit, as 22K, 21K, 18K, and 14K rates softened to Dh495.25, Dh474.75, Dh407, and Dh317.5 per gram, respectively. Globally, spot gold retreated by 0.6 percent to $4,448 per ounce, reflecting a broader weekly loss driven by lingering geopolitical tensions and ongoing concerns regarding US interest rate policies.

Market experts, including Critical Metals CEO Tony Sage, suggest that while minor fluctuations occur, gold is struggling to gain momentum due to the uncertainty surrounding Middle East volatility and its impact on inflation. Although recent diplomatic efforts provide a glimmer of hope for stabilization, the combination of elevated oil prices and the prospect of central banks maintaining restrictive monetary policies continues to weigh on the precious metal. Moving forward, investors are keeping a close watch on upcoming US employment data, though the long-term outlook for bullion remains bolstered by consistent demand from central bank acquisitions.