Dubai gold jumps to Dh479.25 as global prices hit record $3,977
Silver, platinum also advance in global metal rally
DUBAI – Dubai’s gold prices continued their upward march on Tuesday, mirroring the global rally that sent bullion to an all-time high.
According to Dubai Jewellery Group, 24-carat gold was priced at Dh479.25 per gram, up Dh4.75 from Monday’s Dh474.50. The 22-carat variety rose to Dh443.75 from Dh439.50, while 21-carat climbed to Dh425.50 from Dh421.25. The 18-carat category also advanced to Dh364.50, up Dh3.25.
Global gold momentum
Globally, gold touched an unprecedented peak of $3,977.19 per ounce in early Asian trading on Tuesday, driven by surging safe-haven demand and growing certainty that the US Federal Reserve will cut interest rates this month.
Spot gold last traded at $3,974.09 per ounce, up 0.4%, while US gold futures for December delivery gained 0.5% to $3,996.40.
Investors are closely monitoring the political deadlock in Washington, where a government shutdown has stretched into its sixth day, amplifying demand for safe assets. Markets are currently pricing in a 93% probability of a Federal Reserve rate cut in October and an 82% chance of another in December, according to CME’s FedWatch tool. The expectation of lower borrowing costs has weakened the dollar and supported gold’s remarkable rally, which has now surged 51% so far this year.
The rally comes amid strong central bank buying and robust inflows into gold-backed exchange-traded funds. Goldman Sachs raised its December 2026 gold forecast to $4,900 per ounce, citing resilient investment demand and persistent economic headwinds. China’s central bank, meanwhile, added to its reserves for the eleventh consecutive month in September, underscoring the metal’s enduring appeal as a global store of value.
Other precious metals
The precious metals rally extended beyond gold. Spot silver held firm at $48.52 per ounce, while platinum edged up 0.1% to $1,626.55. Palladium gained 0.9% to $1,330.91. Analysts noted continued strength in precious metals as investors hedge against inflation and global uncertainty.