Dubai gold soars to Dh488.25 per gram as global bullion breaks $4,000 mark
Retail jewellery prices escalate amid worldwide demand and monetary policy shifts
DUBAI – In Dubai today, the retail gold jewellery market recorded notable gains, with the 24-carat rate reaching Dh488.25 per gram and the 22-carat variant at Dh452.25.
These local prices mirror a broader upswing in the global bullion market, where spot gold has soared beyond the US$4,000 per ounce mark.
The surge follows heightened expectations of interest-rate cuts by the US Federal Reserve and revived trade tensions, drawing investors toward safe-haven assets.
Dubai gold prices
Retail figures from the Dubai Jewellery Group show 24K gold at Dh488.25 per gram, 22K at Dh452.25, 21K at Dh433.75 and 18K at Dh371.75. These rates represent the retail benchmark for jewellery sales across the emirate. The strength of Dubai’s gold prices reflects steady consumer demand and the city’s position as a global hub for bullion and ornaments.
Global market momentum
On the international front, spot gold rose by about 1.4 % to US$4,053.40 per ounce, while US December futures traded around US$4,062.40. The upward trend is linked to growing speculation of a rate cut in December as weak US economic data continues to surface. Investors are responding to global slowdown concerns and the appeal of non-yielding metals in periods of economic uncertainty.
Tariffs and trade
The precious-metal rally has also been fuelled by renewed trade-war anxieties after proposed tariff increases by former US President Donald Trump. The geopolitical tension and market volatility have pushed investors toward gold, silver and other safe-haven assets as confidence in riskier markets wavers.
Other precious metals
Silver advanced 1.8 % to US$49.18 per ounce, while platinum gained 1.3 % to US$1,565.36. Palladium added 0.7 % to US$1,389.94. Analysts note that all major precious metals are benefitting from the same set of factors – softer interest-rate expectations, weaker currency sentiment and increased diversification into physical assets.