UAE gold prices: After 3 days of record highs, precious metal dips on Christmas

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After three days of continuously setting record highs, gold prices slightly dipped on Christmas Day. When markets opened on Thursday, 24K gold stood at Dh539.75 per gram, down from Dh542 on Wednesday morning. 

The rates of 22K, 21K,18K, and 14K stood at Dh499.75, Dh479, Dh410.75 and Dh320.25, marking a marginal increase from the prices when markets opened on Tuesday.

Spot prices stood at $4,479.53 at 10.30am. Meanwhile, silver also stayed steady at $71.91. In the last one month, gold has climbed 7.48 per cent, and silver has shot up 35.36 per cent.  

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Local experts have said that with gold prices rocketing, UAE shoppers have changed their buying habits. Many are choosing lighter pieces or going for diamond jewellery. 

Experts have pointed out that there are multiple reasons for gold to continue its upward trend. According to Joseph Dahrieh, Managing Principal at Tickmill, gold has consolidated after touching a new all-time high on Wednesday.

“The metal remains underpinned by sustained demand for safe-haven assets, with geopolitical risks elevated across Eastern Europe, the Middle East, Asia, and Latin America, and little evidence of near-term de-escalation,” he said.

He said that despite pockets of market volatility, the robust US growth data has done little to alter the broader macro narrative. "The latest data showed US Q3 GDP expanding at a 4.3 per cent annualised pace, yet market pricing continues to reflect expectations of monetary easing in 2026,” he said. “A base case of two rate cuts could continue to support gold.” 

He added that investment flows also remain supportive. “Gold-backed ETFs have recorded renewed inflows, while central banks continue to add to reserves at a steady pace,” he said. “Together, accommodative rate expectations and an unsettled geopolitical backdrop are likely to remain the key drivers shaping gold’s near-term trend.” 

Many experts have described 2025 as the defining year of gold, with many saying recent developments showed why gold still mattered.

Analysts have predicted that the outlook for the yellow metal is broadly bullish, with many forecasts clustering around $4,500–$5,000 per ounce.