Gold prices in Dubai reached unprecedented levels on Monday, signaling a strong shift in the global market. Investors closely watched as the 24K gold price hit Dh550 per gram, marking a record high for the UAE. The surge in gold values has captured attention locally and internationally, as market watchers cite economic and geopolitical concerns driving demand.
According to Dubai Jewellery Group data, 24K gold jumped Dh7 per gram to Dh550.25. Meanwhile, 22K gold increased Dh6.5 to Dh509.5, 21K climbed to Dh488.75, 18K rose to Dh418.75, and 14K reached Dh326.75 per gram. These rises reflect strong local demand and global uncertainty, emphasizing gold’s role as a safe-haven investment.
Globally, spot gold also surged, breaking the $4,600 per ounce mark for the first time. Traders noted that safe-haven demand and speculation about US interest rate cuts kept bullion highly attractive. By 9am UAE time, gold traded at $4,568.13 per ounce, up 1.31 per cent from previous levels.
Several factors are fueling this record surge. Rising geopolitical tensions, including growing risks of US strikes on Iran, have contributed to increased gold purchases. Additionally, investors reacted to news that Federal Reserve Chairman Jerome Powell faces a federal criminal investigation linked to the $2.5 billion renovation of the central bank’s headquarters. Powell described the probe as a government pretext, designed to pressure the Federal Reserve to lower interest rates.
Analysts say that these global pressures, combined with domestic demand in the UAE, are behind the record gold prices. Many investors are turning to gold to hedge against uncertainty, making the metal an essential part of portfolios during turbulent times.
The record gold prices in Dubai reflect both local market dynamics and broader global economic shifts. Experts expect these trends to continue in the short term, with investors closely monitoring central bank decisions and regional tensions.
