Dubai gold rates jump Dh12 as global prices surge 1.88pc
Silver rises 1.3% as precious metals rally
DUBAI – Dubai gold rates opened higher on Monday, tracking a sharp rally in global bullion markets.
The surge comes amid escalating geopolitical tensions after US and Israeli strikes on Iran, driving safe-haven demand worldwide.
Prices across all major retail categories in the emirate moved up in line with international gains.
Dubai gold rates
According to the Dubai Jewellery Group, the suggested retail rates per gram are: 24K at Dh649.00, 22K at Dh601.00, 21K at Dh576.25, 18K at Dh493.75, and 14K at Dh385.25.
The increase reflects strong international momentum, with buyers responding to heightened uncertainty in the Middle East. Retailers in Dubai typically adjust prices in step with global spot movements and currency fluctuations, keeping the local market closely aligned with overseas trends.
Dubai remains a major physical gold trading hub, supplying key markets including Switzerland, Hong Kong and India. However, physical flows to and from the emirate are expected to be curbed in the coming days as airlines suspend flights following the strikes and subsequent missile exchanges.
Global gold rally
In international markets, spot gold rose 1.88% to $5,376.44 an ounce as of 0632 GMT, after touching its highest level in more than four weeks. Earlier in the session, bullion climbed as much as 2%. US gold futures gained 2.7% to $5,389.20 per ounce.
The rally follows confirmation that US and Israeli strikes on Iran killed Supreme Leader Ayatollah Ali Khamenei, intensifying geopolitical risks and fuelling demand for safe-haven assets. Gold has already recorded successive record highs this year, supported by strong central bank purchases, inflows into exchange-traded funds and expectations of US monetary policy easing.
The US dollar index rose 0.27%, making gold more expensive for overseas buyers and tempering some of the gains.
Other precious metals
Silver also advanced, with spot prices up 1.3% to $95 per ounce after logging a monthly gain in February. Platinum climbed 0.8% to $2,383.50 per ounce, while palladium rose 2.3% to $1,826.59.
On Friday, spot gold had closed 1.7% higher at $5,277 per troy ounce, its strongest finish since January 30. The record high for bullion stands at $5,594.82, set on January 29.