Gold prices opened above Dh400 per gram in Dubai on Thursday, following a drop of more than Dh20 in prior sessions.
According to data from the Dubai Jewellery Group, the price of 24K gold was set at Dh400.5 per gram this morning, while 22K, 21K, and 18K gold were priced at Dh371, Dh355.75, and Dh305 per gram, respectively.
On the global market, gold was trading at $3,327 per ounce, reflecting a 1.27% increase. Prices of the precious metal fell both in the UAE and worldwide after reaching record highs earlier this week, peaking at Dh420 per gram in Dubai and $3,500 per ounce globally.
At the beginning of the week, gold saw a rise of nearly Dh20 per gram; however, those gains were reversed when US President Donald Trump announced he would not request the resignation of Federal Reserve Chair Jerome Powell.
JP Morgan, a prominent financial services company, forecasts that gold could surpass $4,000 per ounce next year amid ongoing global uncertainties, geopolitical tensions, and the trade disputes between the US and China. The bank projects that the average price of gold will be $3,675 per ounce in the fourth quarter of this year, potentially reaching $4,000 in the second quarter of the following year.
As previously reported, experts and jewelers in Dubai anticipate that gold prices will remain elevated due to tariffs, geopolitical issues, and ongoing purchases by central banks. However, the demand for gold jewelry has decreased as prices continue to rise, prompting many residents to sell their gold to capitalize on current market conditions.