Dubai gold prices fall to one-month low

DUBAI: Gold prices in Dubai declined further on Wednesday, July 1, 2026, dropping their lowest level in nearly a month and offering relief to jewellery buyers after a sustained pullback from recent highs.

According to the Dubai Jewellery Group, 24-karat gold was priced at Dh481.50 per gram at the market opening, down from Dh485.25 a day earlier.

Meanwhile, 22-karat gold fell to Dh446 per gram, compared with Dh449.25 on Tuesday.

The latest decline means 24-karat gold has dropped Dh3.75 per gram in a single day, while 22-karat gold has become Dh3.25 per gram cheaper.

Dubai gold prices have now declined for the third consecutive day. The price of 24-karat gold eased from Dh492.75 per gram on June 28 to Dh485.75 on June 29, Dh485.25 on June 30, and Dh481.50 on July 1.

The latest drop has pushed local gold prices to their lowest level in about a month. Since trading at Dh542.50 per gram on June 2, 24-karat gold has fallen by Dh61 per gram, while 22-karat gold has declined from Dh502.25 to Dh446 per gram, a decrease of Dh56.25 per gram.

Overall, 24-karat gold has lost more than 11% from its June 2 level, marking a significant correction after prices hovered near record highs.

International bullion market

The decline in Dubai prices mirrored weakness in the international bullion market, where gold extended losses for a third straight session. Investors continued to assess expectations for US monetary policy and monitor developments surrounding US-Iran diplomatic talks.

Spot gold slipped below $3,980 an ounce after losing 2% over the previous two sessions, taking prices to their lowest level since November.

Market analysts attributed the decline in precious metals to improving global risk sentiment and easing geopolitical tensions, which reduced demand for safe-haven assets.

Despite the recent downturn, analysts said gold remains an important hedge against inflation, currency depreciation, and broader economic uncertainty.