Dubai gold prices rise ahead of Eid Al Adha 2025
Global trade tensions boost demand for precious metals
DUBAI’s gold market witnessed an upward shift as the price of 24-carat gold increased by Dh2.75 to Dh406.00 per gram on Wednesday.
This rise reflects growing concerns around global economic instability, particularly due to unresolved tensions between the US and China.
With Eid Al Adha 2025 approaching, demand for gold jewellery and investment is expected to remain robust.
Dubai gold prices
Alongside 24-carat gold, other rates also rose: 22-carat gold gained Dh2.50 to Dh376.00 per gram, 21-carat increased by Dh1.50 to Dh360.50, and 18-carat gold climbed Dh2.00 to Dh309.00 per gram. These increments align with a 0.3 percent increase in spot gold prices globally, trading at $3,361.03 an ounce amid growing economic concerns.
The rise in gold prices is largely attributed to heightened demand for safe-haven assets amid trade tensions. Uncertainty over the US-China trade relationship, combined with warnings from the Organisation for Economic Cooperation and Development (OECD) about a sharper-than-expected economic slowdown, has pushed investors toward gold. The OECD report particularly highlights the significant impact of US trade policies on economic growth prospects.
Other precious metals
Meanwhile, US gold futures rose 0.2 percent to $3,384.20 an ounce, indicating sustained investor interest. Recent developments include China urging the US to create conditions for improved bilateral relations, with possible high-level talks anticipated this week. The White House confirmed potential discussions between Presidents Trump and Xi Jinping aimed at easing trade disputes.
In addition to gold, other precious metals experienced varied movement; platinum prices rose by 0.6 percent to $1,078.96 an ounce, while palladium dropped 0.5 percent to $1,005.44. Silver remained stable near $34.48 per ounce.