After three consecutive days of setting record highs, gold prices saw a slight dip on Christmas Day. When markets opened on Thursday, 24K gold was priced at Dh539.75 per gram, down from Dh542 on Wednesday morning. Prices for 22K, 21K, 18K, and 14K gold stood at Dh499.75, Dh479, Dh410.75, and Dh320.25, showing a marginal increase from Tuesday’s opening rates.
Spot gold prices were recorded at $4,479.53 at 10:30 am, while silver held steady at $71.91 per ounce. Over the past month, gold has climbed 7.48 percent, while silver has surged by 35.36 percent. The rising gold prices have influenced consumer behavior in the UAE, with shoppers reportedly opting for lighter gold pieces or choosing diamond jewellery instead.
Experts say several factors are driving gold’s sustained momentum. Joseph Dahrieh, Managing Principal at Tickmill, noted that gold consolidated slightly after reaching a new all-time high on Wednesday. He highlighted that demand for safe-haven assets remains strong due to elevated geopolitical risks across Eastern Europe, the Middle East, Asia, and Latin America, with little sign of de-escalation in the near term.
Dahrieh pointed out that despite some market volatility, strong U.S. economic data has not altered the broader outlook. “The latest data showed U.S. Q3 GDP expanding at a 4.3 percent 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.”
Investment trends also remain favorable for the precious metal. According to Dahrieh, gold-backed ETFs have seen renewed inflows, and central banks continue to steadily increase their reserves. He added that the combination of expected monetary easing and ongoing geopolitical tensions are likely to keep supporting gold prices in the near term.
Many analysts have described 2025 as a defining year for gold, citing recent developments as evidence of its continuing importance. Forecasts for the yellow metal remain broadly bullish, with several predictions pointing to a price range between $4,500 and $5,000 per ounce in the months ahead.
The slight dip on Christmas appears to be a pause rather than a reversal, reflecting normal market consolidation after a strong rally. Investors and consumers alike continue to monitor global economic signals and geopolitical events closely, as these factors remain central to gold’s performance in the current market.
