Dubai gold rates surge again: 24K hits Dh404.50
UAE gold shoppers hold back on big buys amid weekend price rise
DUBAI’s gold prices continued their upward climb on Saturday with all key karat categories witnessing notable increases.
The price of 24K gold reached Dh404.50 per gram – a Dh2.75 jump from Friday’s Dh401.75 and Dh4.25 higher than Thursday’s rate of Dh400.25.
Similarly, 22K gold moved to Dh374.50 per gram, up from Dh371.75 yesterday and Dh370.75 on Thursday. The 21K rate now stands at Dh359.00, compared to Dh356.50 a day earlier. The 18K variety edged up to Dh307.75 per gram, following Friday’s Dh305.50 and Thursday’s Dh304.25.
This steady upward trajectory marks the third consecutive day of rising prices, driven largely by global market shifts and investor demand for safe haven assets.
Global pressure builds
The surge in gold prices is closely tied to rising economic uncertainty worldwide. Renewed fears over US trade tariffs, including sharp remarks from President Trump about Brazil and Canada, have spurred investors to turn to bullion.
As of market close, gold stood at $3,369.93 an ounce, with futures touching $3,370 – indicating further potential hikes in the coming days. This comes close to the highest levels since late June, when 22K gold had briefly hit Dh377 in Dubai.
Retailers anticipate more volatility ahead of the August 1 deadline for key US trade negotiations. Until then, fluctuating dollar strength and international market pressures are expected to keep gold on an upward trend.
Cautious consumer trends
On the local front, shopper sentiment has turned cautious. Despite the DSS 2025 promotions, which now offer raffle entries at Dh1,000 spends instead of Dh1,500, many buyers are holding back.
Budget-conscious residents continue favouring lightweight 15–20 gram jewellery pieces, priced under Dh3,000. Plain gold chains and bangles with minimal making charges remain the most sought-after, particularly at the Dubai Gold Souq.
With many UAE residents travelling for the summer, retailers describe this as the most challenging season since the pandemic. Until prices stabilise, designer jewellery purchases are expected to remain on pause.