Gold prices recovered on Friday morning after plunging in the previous session.
Dubai Jewellery Group data showed the 24K gold price trading at Dh471.5 per gram on Friday, up from Dh465.25 per gram at the close of markets on Thursday.
Similarly, 22K, 21K and 18K gold prices recovered to Dh436.75, Dh418.75 and Dh358.75 per gram, respectively.
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The 24K gold price plunged by Dh14 per gram in the UAE on Thursday as the precious metal fell by more than 3 per cent globally to a more than one-year low.
Spot gold was up 0.83 per cent at $3,914 an ounce.
“Today’s move is more of a positioning adjustment, given that several intraday short-term momentum indicators had kind of hit an extreme oversold level after yesterday’s dramatic fall,” said Kelvin Wong, a senior market analyst at Oanda, as quoted by Reuters.
“A short-term driver that could be bullish for gold will be a sudden turn of the US Treasury yield, that would potentially slow down the US dollar,” he added.
Analysts said the market’s focus had shifted to upcoming US inflation data.
Spot gold prices hit their lowest level since October 2025 on Thursday as oil prices climbed amid fading hopes for peace in the Middle East, spurring fears of higher inflation and elevated interest rates.
Markets see an 89 per cent chance of a 25-basis-point US rate hike in December, while the probability of a larger 50-basis-point move is priced at 11 per cent, according to CME’s FedWatch tool.
Source: Khaleej Times