Dubai gold prices have fallen to their lowest level in 90 days, with 24K gold dropping AED 102.50 per gram from its April peak. The latest decline has brought 24K gold down to AED 479.75 per gram, while 22K gold slipped to AED 444.25 per gram, making it one of the biggest price corrections seen in recent months.
According to the latest market update, 24K gold has declined by around 17.6% since reaching AED 582.25 per gram on April 19. During the same period, 22K gold has fallen AED 94.75, dropping from AED 539.00 to AED 444.25 per gram.
July Gains Completely Wiped Out
The latest fall has also erased the gains recorded earlier this month. Since its July high of AED 503, the 24K gold price has fallen AED 23.25, while 22K gold has lost AED 21.75 from its July peak of AED 466.Most of these losses occurred over the last few trading sessions, as gold prices continued to weaken in both global and local markets.
Cheapest Gold Prices Since April
Friday’s prices are now the lowest recorded since April 19, giving jewellery buyers in Dubai their best opportunity in nearly three months. Buyers who postponed their purchases during April and May may now benefit from significantly lower prices across the market.
Global Market Pressure Continues
The decline comes as international gold prices remain under pressure from a stronger US dollar, higher bond yields and expectations that interest rates could stay elevated for longer. These global factors have reduced demand for gold and pushed retail prices lower across the UAE.
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Outlook
Market analysts believe Dubai gold prices will continue to respond to global economic developments and currency movements in the coming weeks. While the current correction offers attractive buying opportunities for jewellery shoppers, investors are expected to remain cautious until global market conditions become clearer.
