Dubai gold prices rise by Dh4.50 as global rates hit record highs
Silver scales all-time high, platinum and palladium also advance
DUBAI – Gold prices in Dubai advanced on Monday, tracking the global surge as renewed US-China trade tensions and tariff announcements from Washington fuelled safe-haven demand.
According to the Dubai Jewellery Group, 24K gold was priced at Dh488.75 per gram, up Dh4.50 from Dh484.25 on Saturday.
Similarly, 22K stood at Dh452.75 from Dh448.25, 21K at Dh434.00 from Dh429.75, and 18K at Dh372.00 from Dh368.50. The steady uptick marks the second consecutive session of gains in the local market, reflecting global movements as gold touched unprecedented levels.
Global record high
On the international front, spot gold hit a record $4,059.30 per ounce, before easing slightly to $4,044.29 by 0253 GMT. US gold futures for December delivery rose 1.6% to $4,062.50, maintaining the metal’s upward trajectory.
The rally follows US President Donald Trump’s decision to impose 100% tariffs on Chinese imports, alongside new export controls on critical software effective November 1. The measures reignited fears of a trade war, pushing investors towards gold as a traditional safe haven.
Silver also surged 2%, reaching an all-time high of $51.52 per ounce, while platinum rose 2.6% to $1,628.80 and palladium climbed 2.6% to $1,442.06.
Market expectations
Market analysts pointed to expectations of US Federal Reserve rate cuts as another driver behind the surge. Traders are pricing in a 25-basis-point reduction in October, followed by a similar move in December. Fed Chair Jerome Powell is scheduled to speak at the NABE annual meeting on Tuesday, which investors hope will provide fresh signals on the central bank’s monetary outlook.
Gold has now gained over 54% year-to-date, driven by global uncertainties, strong central bank purchases, and rising geopolitical risks.
Meanwhile, President Trump’s ongoing government shutdown, entering its third week, continues to delay key economic data releases, adding another layer of uncertainty to global markets.