Gold prices in Dubai have leveled off at the start of the week, offering a brief period of stability after a sharp downward trend that saw values drop by more than Dh21 per gram over the last ten days. According to the latest figures from the Dubai Jewellery Group, 24K gold is currently retailing at Dh547.25 per gram, a significant retreat from the Dh568.50 level observed on May 8. Other categories have followed suit, with 22K, 21K, 18K, and 14K variants priced at Dh506.75, Dh486.00, Dh416.50, and Dh325.00 per gram, respectively.

This recent volatility in the precious metals market is largely attributed to a strengthening US dollar and climbing Treasury yields, which continue to dampen the appeal of non-yielding assets like gold. Global market sentiment remains fragile due to heightened geopolitical tensions and persistent inflation concerns, which are fueling expectations for sustained interest rate adjustments. Adding to the cautious outlook, JPMorgan recently revised its long-term forecast, lowering its 2026 average price prediction for gold to $5,243 per ounce from its previous estimate of $5,708.