Gold, Silver Prices Plunge In Dubai Investors Sell In Panic

2026-01-31 04:20:03

(MENAFN- Khaleej Times)

This volatility and sudden drop in prices prompted panic selling in Dubai, as long queues were seen at the Dubai gold market

PUBLISHED: Sat 31 Jan 2026, 12:37 PM

By:
Waheed Abbas

Gold prices fell further on Saturday morning in Dubai after they slipped below Dh600 per gram in the previous sessions as profit-taking pushed the precious metal to $5,000 per ounce globally.

The 24K gold plunged to Dh589.5 per gram on Saturday, down from a record high of Dh666 hit on Thursday evening, losing Dh76.5 per gram.

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The other variants were also trading down, with 22K, 21K, 18K and 14K selling for Dh545.75, Dh523.25, Dh448.5 and Dh349.75 per gram, respectively.

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Globally, spot gold closed the week at $4,893.2 per ounce, down from a record high of over $5,500 reached late on Thursday.

It plunged more than seven per cent on Friday to trade below $5,500, driven down by a stronger dollar on the appointment of a new US Federal Reserve Chair.

Similarly, silver also took a severe hit, plunging 34 per cent, or $40 an ounce, during the sell-off.

This volatility and sudden drop in prices prompted panic selling in Dubai, as long queues were seen at the Dubai gold market.

Aaron Hill, chief market analyst at FP Markets, said despite the pullback, this remains a buyers' market with dips likely to continue to be bought, particularly if the yellow metal retests the $5,000 barrier.

Alex Kuptsikevich, chief market analyst at FxPro, said the market saw the long-awaited upward slide, which finally knocked out the short sellers and triggered a powerful sell-off, which often follows moments of final destruction for those who stood against the market.

“Interestingly, Thursday and Friday's dramatic events, with a cumulative price decline of 10 per cent from the peak, have kept the price close to the week's opening level. However, we are confident that the rally has already peaked. This is easy to see in the synchronous sell-off across all metals that followed the spectacular new highs in both nominal and relative terms across many metrics,” he said.