Dubai gold prices hit new high as global rates smash $4,000 record
Global investors rush to safe havens amid US shutdown fears
DUBAI – Gold prices in Dubai rose sharply on Wednesday, reflecting the global surge that pushed bullion beyond the $4,000 per ounce milestone for the first time.
According to Dubai Jewellery Group, 24K gold climbed to Dh485.25 per gram, up from Dh479.25 on Tuesday and Dh474.50 on Monday. Similarly, 22K was priced at Dh449.25, compared to Dh443.75 the previous day, while 21K stood at Dh430.75 and 18K at Dh369.25.
The steady increase over three consecutive days highlights a strong upward momentum in the local gold market, mirroring the global rally that has made gold one of 2025’s best-performing assets.
Global rally above $4,000
Internationally, spot gold traded around $4,017.16 per ounce, up nearly one percent by early Wednesday, while US gold futures for December delivery touched $4,040. This follows an extraordinary year-to-date gain of over 50 percent, driven by mounting geopolitical uncertainty, a weaker US dollar, and expectations of further interest rate cuts by the US Federal Reserve.
The continuing US government shutdown, now entering its second week, has intensified demand for safe-haven assets as investors brace for delayed economic data and policy uncertainty. Analysts note that this surge also reflects a broader “fear of missing out,” with traders eyeing the next potential psychological level of $5,000 per ounce.
With investors seeking stability amid shifting monetary policies and political tensions, gold’s meteoric rise shows no immediate sign of cooling, cementing its place as the standout asset of 2025.
Precious metals gain
Other precious metals mirrored gold’s upward momentum. Silver advanced 1.3 percent to $48.44 per ounce, while platinum gained 2.4 percent to $1,657.33 and palladium climbed 2.3 percent to $1,368.68.