Dubai gold prices rise further, jump nearly Dh60 per gram this month so far

Gold prices continued their upward trend in Dubai on Friday, with 24K gold moving closer to the Dh550 per gram mark as the precious metal extended its recent rally.

24K Gold Climbs to Dh547 Per Gram

According to Dubai Jewellery Group data, the price of 24K gold increased by Dh3 per gram to reach Dh547 per gram at the market opening on Friday.

The precious metal has gained Dh6 per gram over the past 24 hours and around Dh60 per gram so far this month.

Other gold categories also recorded gains:

22K: Dh506.50 per gram
21K: Dh485.75 per gram
18K: Dh416.25 per gram
Spot Gold Trades Above $4,500

Internationally, spot gold was trading above the $4,500-per-ounce level, reaching around $4,536, up 0.5 per cent in early trading.

The latest rise comes after gold posted a strong rally, keeping the precious metal firmly in focus among investors.

Gold Could Target 4,600-4,700

Vijay Valecha, Chief Investment Officer at Century Financial, said gold is completing a rounded-bottom recovery on the daily chart after reclaiming the 4,461-4,490 zones.

He said gold had previously based in the 4,000-4,100 region through June and August.

According to Valecha, $4,525 is the immediate resistance level. A sustained break above it could open the way towards 4,600-4,700, followed by the $4,773 zone.

On the downside, support remains around 4,461-4,489, with deeper support near $4,400.

Analysts See Profit-Taking, Not a Reversal

Rania Gule, senior market analyst for Mena at XS.com, said gold has entered a highly sensitive phase after its powerful rally pushed prices above $4,500 an ounce.

Although gold has pulled back slightly from its recent peak, Gule does not consider the decline a clear sign that the bullish trend has ended.

Instead, she described the move as natural profit-taking following the sharp rally, suggesting that the broader upward trend remains intact.