Gold prices in Dubai rose sharply on Monday, reversing last week’s decline and pushing retail rates back close to levels seen earlier in the month.

The price of 24-karat gold stood at Dh521.75 per gram at 1 pm on Monday, compared with Dh508.50 on Sunday, News.Az reports, citing Gulf News.

Meanwhile, 22-karat gold climbed to Dh483 per gram from Dh470.75, increasing by more than Dh12 within a single day.

The increase means buyers who postponed purchases over the weekend are now facing higher costs, especially for larger jewellery and bullion transactions.

At the beginning of June, Dubai gold rates were already elevated. On June 1, 24-karat gold was priced at Dh539.75 per gram, followed by Dh542.50 on June 2. Prices stayed high on June 3 and June 4, when 24-karat stood at Dh536 and Dh538.50 respectively.

The first notable drop came afterward, with 24-karat easing to Dh522.50 on June 5 and remaining close to Dh521.75 in the following days. The price then fell further to Dh514.25 on June 9 and dropped to Dh492.50 on June 10, marking the lowest level recorded so far this month.

After that low point, the market began recovering, with 24-karat rising to Dh506.50 on June 11 and staying at Dh508.50 over the next three days. Monday’s increase to Dh521.75 has now brought prices back to levels last seen on June 7 and June 8.

The 22-karat segment followed a similar trajectory. It began the month at Dh500 per gram, climbed to Dh502.25 on June 2, then dropped to Dh456 on June 10 before rebounding to Dh483 on Monday.

Gold and silver markets also rallied after the United States and Iran announced an interim agreement to end hostilities and reopen the Strait of Hormuz, easing global inflation concerns and shifting expectations around interest rates.

Bullion prices rose by as much as 3% to above $4,345 per ounce, while silver gained up to 4.1%. US President Donald Trump said he was authorising the “toll free opening” of Hormuz and ending a blockade of Iran, with the strait expected to reopen when the deal is signed on Friday.

Iran’s deputy foreign minister confirmed that an agreement had been reached, while oil prices declined following the announcement.

News.Az 

By Nijat Babayev