UAE: Gold jewellery demand plummets 18% as yellow metal prices keep rising

UAE: Gold jewellery demand plummets 18% as yellow metal prices keep rising

Gold prices have been continuously rising over the past few quarters, reaching a record high last month when it touched $3,500 per ounce globally and Dh420 per gram in Dubai.

Gold price gains as Greenback loses popularity as safe haven

Gold (XAU/USD) rises by more than 2% on Monday to $3,317 at the time of writing, as geopolitical risk surges. The Houthi attack that hit Ben Gurion airport this weekend and Israel's promise to retaliate while preparing for a broad ground offensive in Gaza are elevating risks again in the region.

Having reached a historic peak this year at $3,500 per ounce, gold fell for the first time in 2025 for two consecutive weeks. Having fallen to the $3,200 band, gold is on the rise again ahead of the Fed's interest rate decision to be announced this week. All eyes are on the Fed.

Gold edged up on Monday, supported by a weaker dollar. Spot gold was up 0.2 percent at $3,245.01 per ounce by 0031 GMT. U.S. gold futures were up 0.3 percent at $3,252.00. The dollar index fell 0.1 percent against its rivals, making gold more attractive to holders of other currencies. Among other precious metals, spot silver rose 0.1 percent to $32.02 per ounce, platinum fell 0.5 percent to $954.88, and palladium fell 0.2 percent to $951.36.

Editor’s Picks: Gold Pulls Back, Experts Not Worried; Eyes on Fed Next Week

Gold trended down this week, dropping to just over US$3,200 per ounce on the first day of May. While the yellow metal remains historically high after a strong run this year, its price has pulled back from last week’s record-setting level of US$3,500, causing concern for some market participants. However, many experts agree that this week’s retreat isn’t a reason to worry. His technical analysis shows that the US$3,100 to US$3,140 area will be im…