Dubai gold climbs Dh5 overnight, 22K crosses Dh411 a gram
Silver trades at 14-year peak with prices above $42 per ounce
DUBAI gold prices opened at fresh all-time highs on Tuesday, according to Dubai Jewellery Group data.
The 24K rate was set at Dh444 per gram, up from Dh439.25 on Monday. The popular 22K rose to Dh411.25 from Dh406.75, while 21K moved from Dh390.00 to Dh394.00. The lighter 18K category climbed to Dh338.00 from Dh334.25.
These levels mean 22K and 24K are now firmly above the Dh400 mark, a price range last week seen only briefly before consolidating higher.
Global market momentum
Spot gold was trading at around $3,680 per ounce on Tuesday after touching a record $3,689.27 earlier in the session. Prices have already risen nearly 40% in 2025, following a 27% surge in 2024. Analysts say the momentum is supported by expectations of US Federal Reserve rate cuts, persistent geopolitical tensions, and strong central bank buying.
Industry participants at the India Gold Conference in New Delhi projected prices could scale $4,000 in 2026, though some highlighted the possibility of a short-term correction of up to 6%.
Silver and metals
Silver mirrored gold’s momentum, reaching $42.50 per ounce, its highest level in 14 years. The metal is drawing support from both investment flows and strong demand in industrial sectors such as electronics and solar panels.
Meanwhile, US President Donald Trump continued to pressure the Federal Reserve to cut interest rates faster, with markets widely anticipating a policy shift at the September 17 meeting. Lower rates typically enhance the appeal of precious metals as non-yielding assets.