Gold prices in Dubai experienced a notable recovery on Thursday morning, rising by nearly Dh6 per gram after a significant sell-off in the previous days. The precious metal surged above $4,100 per ounce, marking a partial rebound from its recent losses. According to data from the Dubai Jewellery Group, 24K gold was trading at Dh496.5 per gram, up from Dh490.5 at Wednesday’s market close. Other variants of gold, including 22K, 21K, and 18K, also saw increases, trading at Dh459.75, Dh440.75, and Dh377.75 per gram, respectively. Spot gold prices climbed to $4,131.28 per ounce, reflecting a 2% rise. Ipek Ozkardeskaya, a senior analyst at Swissquote, attributed the recent sell-off to overbought market conditions and heightened volatility. She noted that the gold volatility index had reached its highest level since March 2022, historically followed by a 20% price retreat. Despite the potential for further pullbacks, Ozkardeskaya emphasized gold’s enduring role as a safe-haven asset for investors, including retail, institutions, and central banks, amid concerns over sovereign debt, geopolitical tensions, and inflation.