Gold rates in the UAE have slipped from their recent historic peaks, yet market experts continue to predict that another strong upward movement is likely to emerge in the coming period.
After hitting record levels, UAE gold prices ease—analysts foresee a new upswing.
Analysts say gold may undergo additional declines before rebounding and potentially returning to the $4,500 level next year. The metal briefly reached that price last month but dropped amid profit-taking, ending the weekend at $4,080.78 per ounce—down 2.62%. In the UAE market, 24K traded at Dh492.25 per gram while 22K stood at Dh455.50.
Gold may first slide to around $3,700–$3,800 before rebounding into a strong uptrend, potentially approaching $4,500 again soon, according to Amir Boucetta of CPT’s marketing team.
Boucetta explained that the market remains in a corrective phase, with prices likely to decline further for now. He emphasized that this pullback is normal and urged buyers and sellers to stay focused on fundamentals rather than react emotionally. He added that, under stronger downside pressure, gold could even approach the $4,900 level.
According to Komalpreet Kaur, senior partner manager at XtremeMarkets, gold experienced a recent dip but has begun a gradual recovery. She noted that the metal is climbing again on strong fundamentals, with the broader trend remaining bullish. Kaur expects gold to reach nearly $5,000 between 2026 and 2027, driven by factors such as U.S. tariffs, increased gold accumulation by China and other nations, shifts in the U.S. economy, and additional global influences.
Alex Kuptsikevich, chief market analyst at FxPro, noted that a softer US dollar and speculation about the Federal Reserve restarting asset purchases helped lift gold prices early last week. However, activity on Thursday and Friday indicated the rally is no longer moving in just one direction.
He explained that gold last hit record levels in 2011 during major quantitative-easing measures. Since early 2025, the metal has surged by 60 per cent and is heading toward its second-strongest yearly performance since 1979. According to Kuptsikevich, buying during pullbacks and this year’s central-bank rate cuts both act as monetary stimulus, pushing Treasury yields lower and weakening the dollar—conditions that continue to support gold’s strength.
Conversely, there is a growing sense that investors may be losing appetite for gold and other precious metals. Since the end of last month, the metal has faced steep selling pressure after its earlier surge, which seems to reflect bearish attempts to show they’ve regained control. Toward the end of the week, gold—along with other risk-sensitive assets—was weighed down by a sharp drop in expectations for a December Fed rate cut. Should Federal Reserve officials continue steering sentiment in that direction, the dollar is likely to strengthen, putting additional downward pressure on gold.
“However, we still see higher risks that the data coming out of the US will show a sharp deterioration in the economic landscape. In this case, we should expect the dollar to rise and a flight from risk, but in such cases, gold soars in the early stages, only to fall off a cliff later on,” concluded Kuptsikevich.
