Dubai Gold Prices Plunge 24K Drops Dh40 Per Gram in One Month
Dubai's gold prices have been trending downward over the past month, with the 24K price losing Dh40 per gram. The current market price is Dh513.75 per gram, down from Dh514.25 on Thursday.
According to Ole Hansen, head of commodity strategy at Saxo Bank, gold faces a 'hostile macroeconomic backdrop' due to rising US Treasury yields and the dollar. He notes that higher yields are both a near-term headwind and a longer-term financial risk, as they increase borrowing costs and pressure on governments and companies.
Despite this, investment demand for gold remains surprisingly resilient, with global gold ETF holdings rising by almost 50 tonnes in September. Chinese demand is also strong, with imports exceeding 1,000 tonnes through August, already surpassing the total for the whole of 2025.