Dubai gold soars to Dh474.50 while global prices hit record $3,924
Jewellery rates rise sharply in start-of-week trading
DUBAI – Gold jewellery prices in Dubai soared on Monday, mirroring international bullion’s record-setting momentum.
According to Dubai Jewellery Group, 24K gold was priced at Dh474.50 per gram, while 22K stood at Dh439.50, 21K at Dh421.25 and 18K at Dh361.25.
These figures marked a steep climb from Saturday’s rates when 24K was at Dh468.50, 22K at Dh433.75, 21K at Dh415.75 and 18K at Dh356.50. The jump of up to Dh6 per gram within two days highlights the strength of the global rally.
What’s driving global gold?
Globally, gold shattered previous records by surging past $3,900 per ounce for the first time. Spot gold traded at $3,929.91 per ounce in early hours, while US gold futures for December delivery climbed to $3,954.70. The surge was fuelled by safe-haven demand amid political and economic headwinds, including the US government shutdown, yen weakness following the Japanese leadership elections and heightened expectations of Federal Reserve rate cuts.
Gold’s rise this year has been striking, with prices climbing 49% after last year’s 27% gain. Analysts point to strong central bank buying, demand for gold-backed exchange-traded funds and investors hedging against global uncertainty as key factors. Spot gold, which broke $3,000 an ounce in March and $3,700 in mid-September, continues its dramatic ascent.
Other precious metals
Other precious metals tracked gold’s momentum. Spot silver rose 1.2% to $48.53 per ounce, platinum added 1.2% to $1,623.88 and palladium gained 1.2% to $1,275.65.
As investors weigh US fiscal challenges, possible mass layoffs and the Federal Reserve’s rate outlook, bullion’s upward trajectory continues to reshape jewellery markets worldwide, with Dubai’s retail sector reflecting the impact through elevated daily rates.