09/03/2026 07:51 AST
Gold prices plunged Dh10 per gram when markets opened in Dubai on Monday morning as the precious metal fell below $5,100 per ounce globally due to a stronger dollar and dimming interest rate-cut hopes.
According to Dubai Jewellery Group data, the 24K gold price was trading at Dh613.25 per gram on Monday, down from Dh623.25 per gram over the weekend. Among the other variants of the precious metal, 22K, 21K, 18K, and 14K were trading at Dh567.75, Dh544.50, Dh466.75 and Dh364.00 per gram, respectively.
Spot gold was trading at $5,099.14 per ounce, down 1.41 per cent as of 9.10 am UAE time.
Silver lost 1.61 per cent to $83.2 per ounce.
Mohanad Yakout, senior market analyst at Scope Markets, stated that gold prices are currently navigating a complex environment marked by escalating geopolitical risks and a robust US dollar.
"While the intensified conflict involving the US, Israel, and Iran has naturally triggered a surge in safe-haven demand, the impact on gold has been tempered by the simultaneous rally of the greenback. Investors are increasingly seeking liquidity in the dollar, and this currency strength is currently outweighing the upward pressure from safe-haven flows, keeping gold prices relatively stable and preventing a runaway breakout above recent highs," he said.
Despite this short-term consolidation, Yakout expects the outlook for gold to remain decidedly bullish should the conflict persist, he said.
"If the war continues for a longer duration, the resulting disruptions to global trade and energy supply, compounded by potential inflationary pressures, are expected to eventually push gold prices higher. Long-term structural drivers, including continued central bank diversification and the persistent 'debasement trade,' suggest that the current price levels may serve as a floor before the next major leg of the rally toward the $5,500-$6,000 range," he added.
Khaleej Times
Please wait...
