Dubai gold jumps Dh24.50 as US-Iran ceasefire lifts markets
Silver strengthens as dollar dips and global markets shift
DUBAI – Dubai’s gold market continues to draw global attention as prices shift in response to both regional demand and international developments.
Known for its competitive pricing and transparent benchmarks set by the Dubai Jewellery Group, the emirate remains a key hub for gold trade.
On Wednesday, gold rates recorded a notable surge across all karats, reflecting broader global momentum and currency movements.
Dubai gold rates
According to the Dubai Jewellery Group, the suggested retail gold jewellery price on Wednesday shows a strong upward move. The 24K rate climbed to Dh582.50 per gram, while 22K reached Dh539.25. Meanwhile, 21K stood at Dh517.00 and 18K at Dh443.25, with 14K priced at Dh345.75 per gram.
This marks a sharp increase compared to Tuesday’s levels, when 24K was at Dh558.00 and 22K at Dh516.75. The gains are even more pronounced when compared to Monday, where 24K stood at Dh561.50 and 22K at Dh520.00. Across all categories, prices have risen steadily, with Wednesday’s figures reflecting the strongest jump in the three-day period.
The comparison highlights a clear upward trajectory. From Monday to Tuesday, gold prices showed mixed movement, with a slight dip followed by recovery. However, Wednesday’s surge pushed rates significantly higher, with 24K gaining Dh24.50 from Tuesday alone. Similar increases were observed across 22K, 21K and 18K categories, underlining strong market momentum.
This upward trend aligns with increased investor interest and shifting global economic signals, often reflected quickly in Dubai’s retail pricing.
Global factors
International markets played a decisive role in Wednesday’s gold price movement. The US dollar weakened to a two-week low at the start of Asian trading, boosting demand for gold as an alternative asset. The euro rose to $1.167, while the British pound climbed to $1.3385. The Japanese yen strengthened to 158.68 per dollar, signalling a broader currency shift.
The decline in the dollar index to 98.97 further supported gold’s rally. Market sentiment turned positive after US President Donald Trump confirmed a two-week ceasefire agreement with Iran, easing geopolitical tensions linked to the Strait of Hormuz. The development reduced immediate risks to oil supply routes, while also encouraging a shift towards risk-on assets.
At the same time, cryptocurrencies advanced, with bitcoin rising to $71,664.41 and ether gaining to $2,234.78, reflecting broader investor activity across asset classes.
Precious metals moved in tandem, with silver also strengthening alongside gold, supported by the weaker dollar and improved market sentiment.