Dubai gold jumps Dh20 as global prices cross $4,800 for first time
Silver eases after record high hit earlier in week
DUBAI – Dubai gold prices moved sharply higher on Wednesday, with retail rates climbing across all purities, according to the Dubai Jewellery Group.
The rise follows consecutive gains earlier in the week and mirrors a powerful surge in global bullion markets. Investors tracked both local price momentum and fresh records overseas as geopolitical tensions kept safe-haven demand elevated.
Dubai gold rates
As of Wednesday, suggested retail prices in Dubai stood at Dh586.25 per gram for 24K gold, Dh542.75 for 22K, Dh520.50 for 21K, Dh446.25 for 18K and Dh348.00 for 14K.
Wednesday’s rates marked a notable jump from Tuesday. On January 20, 24K gold was priced at Dh566.00 per gram, while 22K stood at Dh524.00, 21K at Dh502.50, 18K at Dh430.75 and 14K at Dh336.00. The day-on-day increase for 24K amounted to Dh20.25 per gram, reflecting strong buying interest as international prices rallied overnight.
The upward movement also extended the trend seen at the start of the week.
Global gold markets
Internationally, gold surged past $4,800 per ounce for the first time on Wednesday, reaching an all-time high of $4,865.73 per ounce. Spot gold traded around $4,862 per ounce, while US gold futures hovered near $4,861. The rally came amid heightened tensions involving the US, NATO, Greenland and Europe, alongside renewed tariff concerns.
Other precious metals
Other precious metals also remained elevated. Platinum touched a record $2,511.80 per ounce before easing to about $2,449, while silver traded near $94.48, below its record high of $95.87 hit earlier in the week.
Palladium edged higher to around $1,866 per ounce, supported by broader strength across metals markets.