Dubai gold rates jump by Dh1.50 in 24 hours
UAE buyers still favour gold over traditional bank savings
DUBAI: Gold prices in Dubai rose on Saturday, reversing the downward trend seen earlier in the week.
The most-traded 24K variety is now retailing at Dh403.75 per gram, up from Dh402.25 on Friday, marking a Dh1.50 increase in just 24 hours.
The 22K rate also moved higher to Dh374.00, compared to Dh372.25 on Friday. Likewise, 21K rose to Dh358.25 from Dh357.00, and 18K climbed to Dh307.25, gaining Dh1.50 from Friday’s Dh305.75.
Midweek slump reverses
Earlier in the week, Dubai gold had dipped steadily from its Tuesday peak of Dh405.31 for 24K, falling over consecutive days. Saturday's rise may signal renewed consumer interest, especially ahead of the weekend retail rush.
This shift in local rates comes as global gold remained largely flat. As of early Friday trade, spot gold stood at $3,337.59 per ounce, while US gold futures were slightly lower at $3,343.20. Despite a largely neutral global outlook, local market dynamics – driven by retail demand and currency movements – continue to influence daily price variations in Dubai.
Why gold still shines for UAE residents
For many UAE residents, especially expats from South Asia, gold continues to outshine traditional savings options. While local banks offer convenience, returns on deposits often fall short of inflation. Gold, in contrast, has held its value and often gains during periods of uncertainty.
Its appeal is not just cultural but increasingly strategic. With digital platforms allowing purchases from as little as Dh10, buying and storing gold is easier than ever. Whether through fintech apps, banks, or traditional souks, the demand for gold remains strong among those looking for liquidity, security, and growth potential.
Wider accessibility fuelling demand
Dubai’s status as a global gold hub makes it easier for residents and tourists to access high-purity gold at competitive rates. From bangles in Deira to bullion bars at specialised dealers, buyers enjoy a range of options, often at prices lower than in their home countries.
The 5% VAT hasn’t deterred demand either – especially with tourists able to claim refunds and residents negotiating making charges at local stores. As Saturday’s price bump shows, gold continues to glitter in more ways than one for savvy savers across the Emirates.