Gold prices in the UAE have maintained their downward trend into the new week, holding steady below the Dh500 threshold. As of Monday morning, 24K gold opened at Dh488.75 per gram, a notable dip from Friday’s closing price of Dh496.50. Other variations of the metal have mirrored this decline, with 22K, 21K, and 18K gold trading at Dh452.50, Dh434, and Dh372 per gram, respectively. This movement coincides with a broader slip in global spot gold and silver prices, which fell by 0.41 percent and 0.91 percent early in the morning.

Despite these pressures, market analysts suggest that gold is demonstrating impressive durability in the face of rising bond yields and hawkish signals from the US Federal Reserve. Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted that the metal appears to have shifted from a period of forced selling into a phase of consolidation. While the market is currently navigating the impacts of volatile oil prices and geopolitical tensions, the recent softening in US employment data may provide some breathing room. Moving forward, the direction of gold prices will likely hinge on upcoming economic indicators and how the Federal Reserve balances inflation concerns against the cooling labor market.