Gold prices in Dubai opened above Dh400 per gram on Thursday, bouncing back after falling by more than Dh20 earlier in the week.

Here’s how much different types of gold were selling for on Thursday morning:

• 24K: Dh400.50 per gram
• 22K: Dh371 per gram
• 21K: Dh355.75 per gram
• 18K: Dh305 per gram

This follows a rollercoaster week where gold briefly hit a record high of Dh420 per gram on Tuesday before dropping sharply.

What’s Happening Globally?

Globally, gold was trading at $3,327 per ounce, up by 1.27%. Prices had soared earlier due to economic uncertainty and global tensions, but dipped after former US President Donald Trump said he wouldn’t replace Federal Reserve chair Jerome Powell.

What’s Next for Gold?

Despite the recent ups and downs, experts still expect prices to rise. JP Morgan predicts that gold could hit $4,000 per ounce by mid-2026, driven by geopolitical tensions, global trade issues, and central banks increasing their gold reserves. They estimate the metal will average $3,675 per ounce by the end of this year.

Jewellery Demand Drops

While prices are up, demand for gold jewellery has slowed as shoppers hold off on big purchases. On the other hand, many residents are choosing to sell their gold to cash in on the high prices.

In a performance that blended emotion, elegance, and East-West harmony, Lebanese-French singer Amanda Maalouf on Wednesday gave a select UAE audience a stirring preview of the upcoming musical Once Upon A Time in Dubai, set to premiere in December 2025.

The exclusive showcase featured Maalouf performing “Habibi,” one of the show’s signature numbers, at an invite-only preview attended by media, partners, and cultural stakeholders. The song—a poignant blend of Arabic influences and Western theatrical arrangement—earned enthusiastic applause, offering a glimpse of what producers are calling “a new kind of musical for a new Dubai.”

“Dubai is more than a setting—it’s a character in this story,” said Stéphane Boukris, co-producer of the musical. “This project is about cultural unity, artistic innovation, and shining a spotlight on a new generation redefining identity in the Middle East. We’re proud to bring this bridge between France and the UAE to life.”

For Maalouf, whose performance marked the first public taste of the show, the moment was deeply personal. “Habibi is a song that speaks from the heart—it’s a journey through love, self-expression, and identity,” she told reporters after the performance. “Performing it here in Dubai, where East and West meet so beautifully, is a dream. This is just the beginning [of great things together].”

The team behind Once Upon A Time in Dubai says the musical is more than entertainment—it’s a cultural project designed to showcase Dubai as a city of stories, voices, and future-forward artistry.

The production is backed by Universal Music and features a cast and crew with international credentials, with more previews and announcements expected soon.

A collaboration between a visionary French team and Universal Music, the musical tells the story of a young generation rising in the heart of Dubai, navigating identity, ambition, and tradition in a rapidly changing world. With original compositions by renowned composer Nazim Khaled and set against the backdrop of the UAE’s global crossroads, the show promises to be a landmark moment for original musical theatre in the region. The story, told through original music and dance, will premiere later this year, with full production details expected to be announced over the coming months.

Gold prices in Dubai took a sharp dip on Wednesday morning, falling below the symbolic Dh400 mark per gram, offering some much-needed relief to buyers following a record-setting rally earlier this week.

The price for 24-carat gold opened at Dh399.50 per gram, a significant drop from Dh420 on Tuesday. The decline comes after weeks of price surges that had seen rates climb almost hourly.

Other gold variants also saw notable decreases:

• 22K gold is now priced at Dh370.00, down from Dh388.75
• 21K gold sits at Dh354.75, previously Dh372.75
• 18K gold dropped to Dh 304.00 from Dh319.50

Mixed Reactions from Consumers

The recent rollercoaster in gold prices has sparked a variety of responses across the city. While some residents rushed to sell old jewellery for cash at higher prices, others opted to buy new pieces in anticipation of further increases.

Local jewellers say shoppers are gravitating towards lighter jewellery designs and smaller investment pieces like gold coins. Some are even trading in older items to secure better value at current rates, according to a local report.

Global Factors at Play

On the international stage, spot gold fell by 0.7% to $3,357.11 per ounce, while US gold futures dropped 1.5% to $3,366.80.

The dip is largely attributed to a rebound in the US dollar index. Market sentiment shifted after US President Donald Trump backed away from earlier plans to dismiss Federal Reserve Chair Jerome Powell, a move that reassured investors and strengthened the dollar.

Earlier price surges were driven by a weaker dollar, recession fears, and tense US-China trade relations. Now, with the dollar stabilising, gold prices are adjusting accordingly.

For real-time updates and historical data on gold prices in Dubai, visit GoldTrade.ae.