Dubai Gold Prices Soar 90-Day High Amid US Dollar Weakness

Gold prices in Dubai have been rising steadily over the weekend, reaching a 90-day high due to bullish technicals and a weaker US dollar. The 24K gold price has increased by approximately Dh70 per gram since August began.

Naeem Aslam, CIO at Zaye Capital Markets, notes that the current gold-price ecosystem is being driven by lower Treasury yields, US dollar weakness, and persistent policy uncertainty. However, he also mentions that the trade-policy pause may remove part of the immediate haven bid, but elevated fiscal concerns and Middle East uncertainty will continue to provide competing sources of support.

Samir Hasan, senior market analyst at xs.com, attributes gold's recovery to a new phase in the market capital cycle, as investors shift from high-yield US Treasury bonds toward alternative assets due to uncertainty in the fixed income market. He also highlights that inflows toward physical gold exchange-traded funds have contributed to feeding the upward trend.