Gold prices in Dubai rose slightly on Tuesday morning but remained close to their lowest levels this month following a sharp decline over the past week.
The price of 24-karat gold increased by Dh1 to Dh484.50 per gram at 9.27am, compared with Dh483.50 on Monday. Meanwhile, 22-karat gold also gained Dh1 to Dh448.75 per gram.
Despite the small recovery, prices remain significantly below their July peak. The 24-karat rate is Dh18.50 lower than the month’s high of Dh503 per gram recorded on July 4 and 5, while 22-karat gold is Dh17.25 below its peak of Dh466 per gram.
Dubai gold prices climbed above Dh500 early this month before declining steadily, with 24-karat gold touching a July low of Dh483.50 on Monday. Tuesday’s increase has only slightly lifted prices from that level.
The 22-karat category followed a similar trend, rising to a monthly high of Dh466 before falling to Dh447.75 on Monday and recovering marginally on Tuesday.