Dubai gold prices surge as 24K hits Dh404.50 per gram
Fresh spike driven by safe-haven demand from global investors
DUBAI's gold market opened Monday with the 24K gold rate climbing to Dh404.50 per gram, marking a Dh2.75 increase from the previous session and the highest level seen in three weeks.
Other categories followed suit: 22K gold rose by Dh2.75 to Dh374.50, 21K increased by Dh2.50 to Dh359.00, and 18K gold advanced Dh2.25 to Dh307.75.
The sharp rise comes as investors worldwide seek safety in precious metals amid ongoing global trade disputes and economic uncertainty.
Trade tariffs fuel rally
Spot gold gained 0.2 percent to trade at $3,361.19 per ounce early Monday, while US gold futures rose by 0.4 percent to $3,376. This uptrend follows US President Donald Trump’s announcement of a 30 percent import tariff on goods from Mexico and the European Union, due to take effect on 1 August.
The tariff threat has unsettled global markets, prompting a wave of safe-haven buying. The EU and Mexico have labelled the tariffs unfair, and responses from both sides are expected in the coming weeks.
Dubai mirrors global sentiment
With Dubai’s gold prices closely linked to international benchmarks, the surge in spot and futures prices quickly echoed through the emirate’s retail market. The ongoing shift in investor behaviour is evident in the consistent rise in Dubai’s local rates over the past few sessions.
Investors are now eyeing the US inflation data for June, expected on Tuesday, which may shape the Federal Reserve’s next move on interest rates. Current market estimates suggest a rate cut of over 50 basis points by the end of the year – a scenario that often favours higher gold prices.
As global markets remain tense and monetary policy direction uncertain, Dubai’s gold prices are expected to stay in sharp focus.