After experiencing a sharp decline of over Dh20 per gram throughout October, gold prices in Dubai finally saw a modest rebound on Monday morning. Data from the Dubai Jewellery Group shows 24K gold trading at Dh484.0 per gram, marking a recovery from the Dh481.5 level seen at the end of last week. Other gold variants followed this upward trend, with 22K, 21K, and 18K gold opening higher at Dh448.25, Dh429.75, and Dh368.25 respectively, while 14K gold remained the budget-friendly option at Dh287.25.

Despite this brief uptick, market experts suggest that the precious metal is facing a complex environment. Naeem Aslam of Zaye Capital Markets noted that gold is currently struggling to maintain momentum as a safe-haven asset, even amid ongoing geopolitical friction. The challenge lies in the conflicting market signals: while regional tensions usually drive investors toward bullion, the potential for rising oil prices keeps inflation expectations high, which in turn encourages interest rates to remain elevated. As a result, investors are keeping a close eye on the $4,000 psychological support level to gauge where the market heads next.