Gold prices continued to trend lower in Dubai as 24K was trading below Dh400 per gram, giving opportunity for the UAE shoppers to take advantage of the lower rates.

On Wednesday morning, 24K was trading at Dh397.0 per gram while 22K, 21K and 18K were selling at Dh367.75, Dh352.5 and Dh302.25 per gram, respectively.

Precious metal prices had been trending above Dh400 per gram in the previous weeks, thereby providing an opportunity for UAE residents looking to buy precious metals when prices slip below Dh400 per gram. Spot gold was trading at $3,294.19 per ounce, down 0.47 per cent in the morning trade.

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Ole Hansen, head of commodity strategy, Saxo Bank, said a lack of fresh bullish catalysts has raised the risk of a deeper correction, especially after recent signs of buyer fatigue. "Gold notably failed to rally alongside silver and platinum or attract a safe-haven bid during the brief Israel-Iran conflict. At the same time, surprisingly strong US economic data has postponed rate cut expectations without triggering a significant gold selloff – another sign of underlying resilience,” he said.

Dilin Wu, research strategist at Pepperstone, said the market focus has shifted to developments in US trade policy and related comments from US President Donald Trump, which could serve as key short-term catalysts for gold this week.

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