By Staff Reporter

Dubai, August 17, 2026 — Gold prices in Dubai climbed further on Monday, moving close to their highest level of the month as buyers faced a sharp increase in the cost of the precious metal.

The price of 24K gold rose to Dh531 per gram at 8:34am, up from Dh527.50 on Sunday. Meanwhile, 22K gold increased to Dh491.75 per gram, compared with Dh488.50 the previous day.

Monday’s 24K price was just Dh2.25 below the August high of Dh533.25, recorded on August 12.

The latest rise means gold has become significantly more expensive since the beginning of the month. On August 1, 24K gold was selling at Dh487.25 per gram. It has therefore gained Dh43.75 per gram, or almost 9 per cent, in just over two weeks.

The increase has also been substantial for 22K gold, which has risen from Dh451.25 per gram on August 1 to Dh491.75 on Monday — a gain of Dh40.50 per gram.

Prices have risen sharply this month

Gold started August below Dh500 per gram for 24K, falling to Dh485.50 on August 3 before beginning a sustained climb.

The price reached Dh510.50 on August 6 and Dh523.75 on August 7. It then touched Dh533.25 on August 12 before easing to Dh523.50 the following day.

Monday’s recovery has once again brought Dubai’s gold market close to its August peak.

Global gold remains near $4,400

International gold prices have also remained elevated, trading near $4,400 an ounce after gaining almost 1 per cent last week.

Weaker US retail sales and declining consumer confidence put pressure on the US dollar, supporting demand for gold. A weaker dollar generally makes gold cheaper for buyers holding other currencies.

Gold has also benefited from renewed investor demand and continued purchases by central banks, including China.

Hormuz tensions add to market uncertainty

Geopolitical and energy-market risks remain another factor supporting interest in gold.

Concerns over global energy supplies have increased following attacks on ships in the Strait of Hormuz, while the United States has indicated that it is preparing additional measures targeting Iran’s economy.

Several vessels have continued to pass through the strategic waterway with their satellite transponders switched off, while Iran and Oman appear to be moving closer to an understanding over the management of the strait.

Against this backdrop, gold has remained above its 100-day moving average, while Dubai retail prices continue to trade close to their highest levels of August.