Gold prices continue to lose shine, 24K slips below Dh500 per gram in Dubai

11/06/2026 06:54 AST

Gold prices fell further in Dubai on Thursday as 24K slipped below Dh500 per gram.

In the UAE, 24K gold price dropped to Dh491.75 at the market opening on Thursday, losing more than Dh55 per gram so far this month and over Dh11 in the past 24 hours.

Among other precious metal variants, 22K, 21K, 18K and 14K slipped to Dh455.25, Dh436.5, Dh374.24 and Dh291.75 per gram, respectively.

Spot gold fell below $4,100 per ounce, trading at $4,077 an ounce, down 0.83 per cent. It hit a six-month low of $4,022 earlier in the day due to US inflation concerns.

Gold now trades in proximity to the psychologically significant $4,000 threshold after declining 25 per cent from late February. The scale of the drawdown highlights how investors have repriced the interconnected factors influencing the gold market.

Ahmad Assiri, research strategist at Pepperstone, said gold's weakness reflects a fundamental shift in what markets are choosing to price.

"Rather than a singular focus on geopolitical uncertainty surrounding the Strait of Hormuz, investors are increasingly reacting to the prospect of US monetary policy moving tighter given the recent way-too-strong non-farm payroll (NFP) figure as well as the CPI print well above the 4 per cent mark," he said.

At the same time, according to Assiri, uncertainty around the Fed's new leadership remains elevated.


Khaleej Times

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