Dubai gold prices jump Dh10 in 24 hours, near Dh370 mark again
Dollar weakness, global uncertainty lift the yellow metal to fresh one-week highs
DUBAI: Gold prices in Dubai have climbed sharply, gaining Dh10 per gram in just 24 hours as global spot gold rates crossed the $3,300 per ounce mark.
This surge is pulling local gold rates back towards the Dh370 level – a price last seen on May 11.
With the weakening US dollar and mounting global economic uncertainties, investors are seeking refuge in the precious metal, fuelling this sharp rise.
Dubai gold prices by category
At 9AM on Wednesday, 24K gold in Dubai opened at Dh397.75 per gram, up Dh1.25 from the previous closing price of Dh396.5. This brought the total 24-hour gain to Dh10 per gram since Tuesday morning.
The 22K variant rose by Dh8 in the same period, opening at Dh368.5 per gram. Meanwhile, 21K stood at Dh353.25 per gram and 18K at Dh302.75, reflecting steady increases across the board.
Global market factors
Spot gold was trading at $3,300.75 per ounce, a 0.55 per cent rise. This marks the highest level in a week and follows a notable dip in the US dollar, which has hit its lowest point since May 7. The decline makes gold more affordable for international buyers, adding momentum to the ongoing price rally.
The spike in gold prices comes amid rising geopolitical tension between Israel and Iran and renewed fiscal uncertainty in the US. President Donald Trump's call for Republicans to support a sweeping tax-cut bill has not yet delivered the expected stability, and investor caution continues to dominate sentiment.
Strong demand trends
Globally, demand is driven by central banks, institutional investors, and funds. With gold firmly re-established as a haven asset, retail buyers in Dubai may face challenges in finding budget-friendly price points, especially as the market edges back to the Dh370+ range.