Gold prices in the UAE decreased by Dh5, expect further reductions for shoppers in the subsequent days.
**Gold Prices in the UAE and Gulf Region Experience a Slide**
In recent days, gold prices have witnessed a significant drop in the United Arab Emirates (UAE) and other Gulf countries. On July 15, the highest gold price in the UAE was 12,356 AED per ounce, with an average of 12,252 AED for the month, according to data from July 2025. This represents a fall from the previous day's price by an estimated 1%.
The drop in local gold rates mirrors a global slide in prices. As of July 17, 2025, the global gold price was approximately $3,346.47 per ounce, marking a decrease from the previous day. The UAE gold price, when converted to USD, is significantly higher than the global price, with 1 AED equivalent to approximately 0.27 USD. This disparity between local and global prices is influenced by local market conditions and currency exchange rates.
Saudi Arabia has also seen a similar trend, with the gold price in Saudi Riyal standing at approximately 12,577.7 SAR per ounce as of July 18, 2025. This translates to around $3,374 USD per ounce, considering 1 SAR is equivalent to 0.27 USD.
While no specific data is available for Oman, Qatar, Bahrain, and Kuwait, these countries typically follow regional trends. Without detailed information, it is challenging to provide a precise comparison.
The current slide in gold prices can be attributed to several factors. A strengthening US dollar has played a significant role, as a strong dollar tends to make commodities like gold more expensive for other countries to purchase. Additionally, equity markets have become more optimistic, causing investors to shift their focus away from gold as a safe haven.
The easing of tensions between the US and China has also contributed to the softness in gold prices, as investors may feel less inclined to seek the safety of gold during times of perceived stability.
Forecasts suggest that gold prices may remain soft into next week, making it a crucial time for UAE residents to watch the gold market closely. It is worth noting that the potential delay of US rate cuts until September could lead to less immediate support for gold prices, but this was not mentioned in this paragraph.
Vijay Valecha, a seasoned analyst, has predicted that gold prices may fall below the $3,320 mark. If global gold prices were to fall below $3,320, a test of the $3,300 level may occur, according to Valecha.
In the UAE, the price of 21K gold fell to Dh355.25, while 22K gold dropped to Dh370.50. The US President, Donald Trump, clarified that it is "highly unlikely" he would dismiss Federal Reserve Chair Jerome Powell, but this was not mentioned as a factor influencing gold prices in this paragraph.
This news serves as a reminder for UAE residents to stay informed about the gold market and make informed decisions when considering gold purchases.
In this financial news, it's observed that the decline in local gold prices in the UAE aligns with a broader drop in global gold prices in business sectors. For instance, on July 17, 2025, the global gold price stood at approximately $3,346.47 per ounce, demonstrating a decrease from the previous day. Similarly, the price of gold in sports news, like Saudi Arabia, is around $3,374 USD per ounce.
