Dubai – Global bank Citi has forecast a potential 20%+ drop in gold prices by mid-2026, suggesting the Dubai gold rate for 22K could fall below Dh300 per gram for the first time since 2024.
Currently, 22K gold in Dubai is priced at Dh378.5, while 24K stands at Dh408.75. Prices peaked at Dh383 in recent months, with market speculation pointing toward Dh400.
Citi expects global gold prices to drop to $2,800–$3,000 per ounce, citing reduced investment demand, a recovering US economy, and possible shifts in central bank buying trends.
“This could trigger heavy retail demand again,” said a UAE-based gold retailer.
However, some local experts, including Anil Dhanak of Kanz Jewels, remain bullish, forecasting $3,800 per ounce by end-2025.
Jewellery and investment gold demand in the UAE remains muted, with many buyers turning to digital gold options due to high per-gram costs.
If Citi’s forecast holds, shoppers may once again see Dubai gold prices return to shopper-friendly levels, reigniting market activity.
