Dubai: Gold prices hold steady; 24K rise slightly to reach Dh482.50

Gold prices in Dubai have shown minimal fluctuations, maintaining a steady trend as the weekend concluded. On Monday morning, the price of 24K gold slightly increased to Dh482.50 per gram, while 22K, 21K, and 18K were recorded at Dh446.75, Dh428.25, and Dh367.25 per gram, respectively. Globally, spot gold prices stood at $4,016.55 per ounce, with silver at $48.96 at 9:50 AM UAE time. Analysts predict this stability to persist through the end of the year, with no significant price swings anticipated. Amina Mohammed Ali, Director of Zaiba Jewellers, emphasized that the gold market is expected to consolidate over the next two months, ruling out major movements. Meanwhile, Ole Hansen, Head of Commodity Strategy at Saxo Bank, suggested that while gold prices could potentially reach $5,000 in 2026, the peak for this year may have already been achieved. The global market remains volatile following uncertainties over the weekend, particularly after the recent US-China trade discussions. Aaron Hill, Chief Analyst at FP Markets, noted that while the meeting between US President Donald Trump and Chinese Premier Xi Jinping resulted in a temporary truce, the absence of a long-term trade agreement leaves global trade dynamics in a state of uncertainty.