Dubai Gold Prices Rebound After Oil Price Pressures

Gold prices in Dubai have recovered from their lowest point of Dh500 per gram on Monday evening, rising by approximately Dh2 per gram to trade at Dh503.50 per gram on Wednesday morning.

This increase comes after prices remained under pressure due to higher oil prices amid the Middle East war.

The 24K gold price had fallen below Dh500 per gram for the first time, with other variants such as 22K, 21K, and 18K gold trading at Dh466.25, Dh447.25, and Dh383.25 per gram respectively.

Naeem Aslam, chief investment officer at Zaye Capital Markets, attributed the immediate pressure on bullion to higher Treasury yields, a firmer US dollar, and expectations of interest rates remaining restrictive for longer.