Dubai Gold Prices Stable as Jewellery Demand Slumps 17% in Q2 2026

Gold prices in Dubai remained largely steady in early August 2026, falling by just Dh2 per gram. The 24‑karat variety traded at Dh491.75 per gram, while global spot gold was down 0.51% to $4,080 per ounce.

The World Gold Council’s Q2 report showed global gold demand unchanged at 1,269 tonnes, but jewellery demand in Dubai dropped 17% year‑on‑year in the second quarter as high prices pushed consumers toward lighter pieces. Despite the volume decline, the value of jewellery demand rose 22% to $86 billion. Central banks added a net 289 tonnes to their reserves—a 62% increase—while investment demand via ETFs, bars and coins softened. Louise Street, senior markets analyst at the council, said, “Gold’s early‑year rally reversed in the second quarter, with prices consolidating after correcting from record highs.”