Dubai Gold Prices Surge as 24K Nears Monthly Peak

May 8, 2026

60 min

May 8, 2026 05:30

Dubai gold prices rise again, with 24K back near this month’s high

## Gold Prices Climb in Dubai

Dubai's gold market saw a notable increase in prices on Friday morning, with 24-karat gold reaching Dh568.50 per gram, up from Dh565 the previous day. This rise brings the price close to the month's opening level of Dh557.50, after a dip to Dh546 earlier in the week.

## Global Factors Influencing Prices

The recent price surge is linked to a rebound in global bullion markets, driven by renewed buying interest from China's central bank, which purchased 8 tonnes of gold in April. This marks the largest monthly acquisition since 2024, continuing a trend that has significantly influenced gold's long-term rally.

## Middle East Tensions Impact

Geopolitical tensions in the Middle East, particularly involving military actions in Iran, have kept gold in focus. The conflict has affected the Strait of Hormuz, a crucial energy corridor, adding complexity to the market as higher energy prices could sustain inflation and delay interest rate cuts.

## Economic Indicators to Watch

Investors are also eyeing upcoming US non-farm payrolls data, which could impact Federal Reserve rate expectations. The interplay between geopolitical factors and economic data is likely to maintain volatility in Dubai's gold prices in the near term.

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