Dubai Gold Prices Crash Below Dh500 Amid Conflict and High Oil

Dubai gold prices plunged to a seven-month low on Monday evening, falling below Dh500 per gram amid Middle East conflict and high oil prices.

The 22K gold price in Dubai dropped to Dh462.75 per gram, while the 24K price fell to Dh499.75 per gram, according to data from the Dubai Jewellery Group.

Market analysts say gold faces further pressure from higher yields, a stronger dollar, and oil prices, with bullion potentially heading towards $4,000 an ounce.

Ole Hansen, head of commodity strategy at Saxo Bank, stated that gold's resilience is being tested by surging US real yields and a stronger dollar. He noted that gold trades around $4,150 after breaking below key support near $4,230 during Asian trading.