Dubai gold rises to Dh503.50 as global prices hit record $4,179
Silver, platinum and palladium move mixed on global cues
DUBAI – Dubai gold prices continued their steady climb on Wednesday, with 24K gold retailing at Dh503.50 per gram, up from Dh502.50 on Tuesday and Dh488.75 on Monday, according to the Dubai Jewellery Group.
Rates for 22K stood at Dh466.25, compared to Dh465.25 a day earlier and Dh452.75 on Monday. Meanwhile, 21K was priced at Dh447.00, up from Dh446.00 on Tuesday, while 18K gold increased to Dh383.25, continuing the upward momentum from Dh382.25 the previous day.
The rise follows a global rally that has sent gold prices to record highs, driven by investors shifting toward safe-haven assets amid renewed economic and geopolitical concerns.
Global gold rally
In global markets, spot gold surged 0.9% to $4,145.85 per ounce, after earlier touching a historic $4,179.48. US gold futures for December delivery settled at $4,163.40. The metal has already gained about 57% in 2025, breaking the $4,100 barrier for the first time this week.
The surge comes as markets anticipate an imminent US Federal Reserve rate cut, while trade frictions between Washington and Beijing have reignited investor caution.
Analysts suggest that factors such as strong central bank buying, de-dollarisation trends, and heavy exchange-traded fund inflows are fuelling the rally. Some forecasts from major financial institutions now project gold could reach $5,000 per ounce by 2026.
Tariffs and tensions
The renewed optimism for gold was also supported by a flare-up in US-China trade tensions. President Donald Trump’s warning of potential 100% tariffs on Chinese goods and tit-for-tat port fees have heightened global market uncertainty. Trump is expected to meet Chinese President Xi Jinping in South Korea later this month.
These developments come alongside expectations of a 25-basis-point Fed rate cut, further enhancing the appeal of non-yielding gold.
Other precious metals
Other precious metals also reflected the broader volatility. Silver hit a record $53.60 per ounce before easing to $51.86, while platinum dipped 0.3% to $1,640.76. Palladium, however, rose 3.2% to $1,521.50, supported by industrial demand and constrained supply.