Dubai gold rises to Dh550 per gram as global bullion hits historic peak
Safe-haven demand lifts silver, platinum and palladium prices sharply
DUBAI – Today, retail gold prices in Dubai opened at Dh550.25 per gram for 24K and Dh509.50 per gram for 22K, according to data from the Dubai Jewellery Group.
Other purities such as 21K stood at Dh488.75, 18K at Dh418.75 and 14K at Dh326.75.
These levels marked notable increases across the board compared with last week’s trade, reflecting the ongoing global upswing in bullion markets.
Dubai’s gold market tracked a strong international rally early in the trading week, with 24K gold breaking through the Dh550 level for the first time, a record for the emirate’s retail trade. The move lifted shopper costs on traditional jewellery categories and underscored strong safe-haven interest among buyers.
Global gold rally
On global markets, spot gold prices soared past $4,600 per ounce, marking unprecedented levels as investors sought refuge amid geopolitical tensions and heightened financial uncertainty.
Bullion briefly touched $4,600.33/oz, the highest on record, before settling slightly lower as futures markets tracked ongoing risk sentiment.
The global surge in bullion has been attributed to a confluence of factors: geopolitical strains in the Middle East, markets recalibrating to shifting US monetary policy expectations, and tensions between US leadership and Federal Reserve authorities that have weighed on risk assets and the dollar. These forces have elevated the appeal of non-yielding metals as stores of value.
Other precious metals
Silver also reached historic highs above $83-$84/oz with platinum and palladium registering sharp gains, echoing broad strength across precious metals.
Silver’s extended advance to record territory added to the precious metals narrative this week, while platinum continued its ascent from prior peaks late last year. Palladium also contributed to the broader metals strength, drawing interest from both industrial and investment segments.