17/08/2026 06:33 AST
Dubai gold prices moved closer to their highest level of August on Monday, leaving jewellery buyers facing rates that have risen by nearly Dh44 per gram since the beginning of the month.
The 24K variety was priced at Dh531 per gram at 8.34 am in Dubai on Monday, up from Dh527.50 on Sunday, while 22K gold climbed to Dh491.75 from Dh488.50.
Monday's rate puts 24K gold just Dh2.25 below its August high of Dh533.25 recorded on August 12, keeping prices close to the upper end of this month's range.
Buyers who had been tracking gold since the start of August have seen a sizeable change within little more than two weeks. The 24K rate stood at Dh487.25 on August 1, meaning it has gained Dh43.75 per gram, or almost 9%, by Monday morning.
The increase has been similar for 22K gold, which has risen from Dh451.25 at the start of August to Dh491.75, a gain of Dh40.50 per gram.
Prices moved quickly this month
Gold began August below Dh500 per gram for the 24K variety, slipping to Dh485.50 on August 3 before rising to Dh492.25 the following day.
The pace picked up during the first week, with 24K gold reaching Dh510.50 on August 6 and Dh523.75 on August 7. Prices later climbed to Dh533.25 on August 12, before easing to Dh523.50 a day later.
Monday's move back to Dh531 leaves prices within touching distance of that August peak.
Global gold holds near $4,400
Internationally, gold extended a two-week advance and was trading near $4,400 an ounce after ending the previous week almost 1% higher.
Weaker US retail sales data and a decline in consumer sentiment weighed on the dollar and helped ease concerns over an imminent US interest rate increase, which can weigh on gold because the metal does not pay interest.
A gauge of the US dollar fell 0.2% on Monday, making dollar-priced bullion cheaper for buyers using other currencies, while the US Treasury yield curve was also steepening.
Gold's recovery above $4,000 an ounce has also coincided with renewed investor demand and increased central bank purchases, including buying by China.
Energy risks remain in focus
Uncertainty around global energy supplies continues after more ships came under attack in the Strait of Hormuz late last week, while the US said it was preparing additional measures targeting Iran's economy.
Some vessels have continued to exit the strait with their satellite transponders switched off, helping keep energy prices in check, while Iran and Oman appear to be moving closer to an agreement on how the waterway should be managed.
The US is not part of those talks.
Gold moved above its 100-day moving average last week for the first time since April and continues to trade near that level, with Dubai retail rates now sitting close to their highest point of August.
Gulfnews
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