Dubai gold prices held firm near Dh610 per gram at the start of trading on Thursday. Traders across the emirate watched rates closely as global cues shaped early sentiment. At 9am UAE time, 24K gold traded at Dh610.75 per gram. The rate showed a slight increase from the previous evening’s close.
Other purity levels opened at mixed but steady levels. The 22K variant traded at Dh565.50 per gram. Meanwhile, 21K gold stood at Dh542.25 per gram. In addition, 18K gold opened at Dh464.75 per gram. The 14K category traded at Dh362.50 per gram.
In global markets, spot gold hovered around $5,077.55 per ounce. Prices showed little movement during early Asian trading hours. However, currency fluctuations influenced overall sentiment. The US dollar index strengthened after fresh economic data. A robust American employment report boosted confidence in the US economy. As a result, the stronger dollar pressured bullion demand.
When the dollar gains, gold becomes costlier for other currency holders. Therefore, many international buyers turn cautious. Analysts noted that currency movements may guide short-term price direction. Market participants continue to track US data for further signals.
High rates continue to challenge jewellery demand in the UAE. Retailers reported softer footfall in recent weeks. Many shoppers now prefer lighter ornaments to manage budgets. Others increasingly choose diamond-studded pieces instead of heavy gold sets. Jewellers said customers focus on affordability amid elevated prices.
Earlier this month, residents rushed to sell holdings during a sudden dip. Prices had dropped nearly five percent within a short span. That sharp fall triggered panic selling among some investors. However, the market soon regained lost ground. Since then, Dubai gold prices climbed back above Dh600 per gram.
Investment experts believe volatility may persist in the near term. Currency trends, inflation signals, and global demand will shape price action. Some analysts pointed to technical indicators supporting major currency pairs. They said the euro remained stable against the dollar in recent sessions.
Despite global uncertainty, Dubai gold prices continue to attract close attention. Buyers and investors now monitor every shift in economic data. As international markets evolve, Dubai gold prices will likely respond quickly to fresh developments.
