Dubai gold prices rise further, jump nearly Dh60 per gram this month so far

Gold prices in Dubai continue their upward trajectory, nearing Dh550 per gram as of Friday. Data from the Dubai Jewellery Group indicates that 24K gold saw a jump of Dh3 per gram to Dh547 at the market open on Friday, adding to an approximate Dh60 per gram gain over the current month.

Other gold variants also experienced price increases. 22K gold is trading at Dh506.5 per gram, 21K at Dh485.75 per gram, and 18K at Dh416.25 per gram. Spot gold was trading above Dh4,500 an ounce, or $4,536 per gram, marking a 0.5 percent increase in early trade.

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Immediate resistance sits at $4,525, and a break above this level would open the path toward $4,600-4,700 and the $4,773 zone further out. On the downside, support holds at $4,461-4,489, with deeper support near $4,400. As long as gold holds above this zone, the current pullback looks more like profit-taking within a broader bullish structure than the start of a reversal.

Market analysts view the current trend positively. Vijay Valecha, Chief Investment Officer at Century Financial, noted that gold is completing a rounded-bottom recovery on the daily chart, having surpassed the $4,461–$4,490 zone. He identified immediate resistance at $4,525, with a break above this level potentially leading to $4,600-4,700 and further targets. Support is holding at $4,461-4,489, with deeper support near $4,400.

Rania Gule, senior market analyst for Mena at xs.com, described gold as entering a "highly sensitive phase" after a powerful rally pushed it above the $4,500-per-ounce level. She believes the recent slight pullback is more indicative of natural profit-taking following a sharp rally, rather than a signal of the end of the bullish trend.

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Although prices have pulled back slightly from their recent peak, I do not see this decline as a clear signal that the bullish trend has ended. Instead, I view it as more of a natural profit-taking move following the sharp rally.