Dubai gold climbs Dh15 in 8 days, global prices set record
UAE buyers adjust with higher instalments and digital gold options
DUBAI’s retail gold market opened higher on Tuesday, with prices extending their climb for the eighth straight day.
The suggested retail price for 24K stood at Dh421.50 per gram, up from Dh418.75 on Monday. Similarly, 22K reached Dh390.25 per gram compared with Dh387.75 a day earlier, while 21K moved to Dh374.25 from Dh371.75, and 18K ticked up to Dh320.75 from Dh318.75.
The sustained upward trend has lifted Dubai gold prices by more than Dh15 in just over a week, with 22K now edging closer to the unprecedented Dh400 mark.
UAE shopper trends
Retailers in Dubai say more customers are opting for 12-month instalment schemes and digital platforms. Some buyers have doubled or tripled their monthly commitments, aiming to secure the same weight of gold despite rising prices. This shift underscores the growing sense that gold remains a vital long-term investment, even as affordability pressures mount.
Global surge
The rally mirrors international markets, where spot gold soared past $3,500 per ounce on Tuesday, setting a fresh record. After peaking at $3,508.50, bullion eased to $3,496 but remains close to its highest-ever levels. US gold futures for December delivery were up 1.4% at $3,565.50.
So far in 2025, gold has gained more than 33%, supported by safe-haven demand, central bank purchases, and dollar weakness. Investors are increasingly betting on a Federal Reserve interest rate cut later this month, which could push prices even higher.
US politics and markets
In the United States, the precious metal’s rally is being fuelled by political and economic uncertainty. A weaker dollar, coupled with President Donald Trump’s renewed attacks on the Federal Reserve’s independence, has intensified demand for safe-haven assets. Trump has criticised Fed Chair Jerome Powell and even raised questions about Fed Governor Lisa Cook’s position, deepening concerns about central bank stability.
Markets are now pricing in a 90% chance of a 25-basis-point cut at the Fed’s September 17 meeting, according to CME’s FedWatch tool. The move could further boost gold, with analysts not ruling out a surge to $3,600 an ounce in the coming months.
Other precious metals also tracked the rally. Spot silver rose 0.3% to $40.79 per ounce, platinum gained 1.2% to $1,416.86, while palladium eased 0.6% to $1,130.45.