Dubai Gold Market Sees Fresh Rebound as 24K Trades at Dh523.25

Gold prices continued their rebound in Dubai on Tuesday morning, supported by lower oil prices and a softer dollar that eased concerns around inflation and interest rate hikes.

The 24K variant opened trading at 523.25 dirhams per gram, according to data from the Dubai Jewellery Group, while 22K, 21K, 18K and 14K gold traded at 484.75, 464.75, 398.25 and 310.75 dirhams per gram respectively. Globally, spot gold was trading at 4,346.5 dollars an ounce, up 0.01 percent as of 9:12 a.m. UAE time, while silver rose 0.29 percent to 66.09 dollars an ounce.

Vijay Valecha, financial analyst and chief investment officer at Century Financial, said pressure on gold has eased as Treasury yields cooled following their recent spike, noting that bullion typically comes under pressure when yields climb. He said oil has fallen for a third straight day on easing Middle East supply disruptions, reinforcing a disinflationary tailwind for gold, and pointed out that gold-backed exchange-traded funds have seen inflows for eight consecutive days even through recent price weakness, a sign of strong underlying investor conviction.

Valecha added that if rising yields turn out to be driven more by fiscal concerns than rate expectations, a weaker dollar could keep the broader setup supportive for bullion. He said structural factors, including rising fiscal deficits, higher debt burdens and an eventual dollar-easing cycle, continue to underpin a medium-term bullish outlook, with price pullbacks generally viewed as buying opportunities.

On the technical side, Valecha said gold has reclaimed its short-term trendline and is now testing resistance between 4,431 and 4,434 dollars, with a close above that zone potentially opening the path toward 4,510 and then 4,573 dollars. Support sits at 4,385 dollars, followed by 4,340 dollars, and he said a bounce off that zone would keep the near-term structure constructive, favoring a buy-on-dips approach as long as price holds above 4,340 dollars, with a break above 4,434 confirming a shift back toward the broader uptrend.

Silver is tracking gold’s rebound and appears headed for a weekly gain, supported by the same disinflationary and dollar-driven tailwinds.

This is market commentary and not personalized financial advice; anyone considering a trade should do their own research or speak with a licensed financial advisor.

Also Read:

PIF Introduces Tawrid to Support Supply-Chain Financing Growth

How Sustainable Development Goals Are Shaping Modern Business