30/06/2026 03:24 AST
Gold prices in the UAE continued to trade lower than Dh500 for the second consecutive week, losing Dh4.75 per gram on Monday.
The 24K variant of the precious metal was trading at Dh488 per gram at the market open on Monday, down from Dh492.75 at the close of the markets on Friday.
The other variants, 22K, 21K, 18K, and 14K, were trading at Dh452.00, Dh433.25, Dh371.50, and Dh289.75, respectively.
Globally, spot gold lost 0.72 per cent, trading at $4,051 per ounce as of 9:25am UAE time. Silver lost around 1.1 per cent, trading lower at $58.2 per ounce.
Precious metals continued to face selling pressure as gold fell 2.71 per cent last Wednesday, while it fell a further 0.50 per cent on Thursday, breaching below the $4000 mark, said Vijay Valecha, chief investment officer of Century Financial.
"Technically, gold prices have touched levels last seen in November 2025, breaking below a key support level from the lows of 11th June near $4,023, suggesting a bearish stance for the short term," he noted.
"However, for an intraday perspective, there seems to be a bullish RSI divergence forming by connecting the lows of 11th and 25th June, potentially providing trading opportunities."
The analyst added that pressure continues on metals as the US dollar climbs on prospects of higher interest rates in the US.
"Markets are pricing in one 25 bps rate hike, along with 42 per cent odds of another rate hike by the end of the year," he said.
Valecha explained that this has led the US Dollar Index to rise by about 1.82 per cent over the past two weeks, adding headwinds for greenback-priced metals. A hawkish tone from the Fed makes bullion less attractive relative to yield-bearing assets like Treasuries.
"Silver, meanwhile, looks bearish, falling below the key support zone near $61-$62, with RSI falling deeper into the oversold territory as well. The next potential support might come near the $54 level, based on the highs achieved in late 2025," he said.
Khaleej Times
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