Gold prices in Dubai continued their upward run on Tuesday, with the 22K rate moving closer to the Dh500-per-gram mark as investors tracked geopolitical tensions and renewed uncertainty around the Strait of Hormuz.
According to Dubai Jewellery Group data, 24K gold opened at Dh531.25 per gram on August 11, up from Dh528.25 at Monday’s close. The rate has climbed by nearly Dh35 per gram over the past month.
The 22K price also increased, reaching Dh492 per gram compared with Dh489 on Monday. Meanwhile, 21K gold was priced at Dh471.75 per gram, while 18K and 14K stood at Dh404.25 and Dh315.25 per gram, respectively.
Internationally, spot gold was trading near $4,401 an ounce, gaining almost 1% during early Tuesday trading.
Hormuz tensions keep gold in focus
Market analysts said developments surrounding the Strait of Hormuz remain an important factor for precious metals.
Waleed Said, technical analyst at GivTrade, said uncertainty over the shipping route, alongside developments involving Iran, Oman and the US, has supported demand for gold as a safe-haven asset.
He noted that any meaningful progress toward reopening the Strait of Hormuz could put some pressure on gold, while renewed tensions could push prices back toward record levels.
Analysts are also watching investor positioning closely. Ahmad Assiri, research strategist at Pepperstone, said the latest rise appeared to be driven largely by renewed buying and improving sentiment toward the precious metal.
According to Assiri, stronger investment flows have helped gold regain ground after a period of relatively narrow price movements, with the metal again testing the $4,400-per-ounce level.
Dubai gold market remains closely watched
The latest increase is likely to keep the Dubai gold market in focus among jewellery buyers and investors, particularly as the 22K rate approaches Dh500 per gram.
Market movements will continue to depend on geopolitical developments, investor demand and expectations around global interest rates and economic conditions.
For UAE consumers, daily gold rates can fluctuate as international prices and currency movements feed into local market pricing.
