Dubai gold rates rise again with up to Dh4 increase in 48 hours
Investors eye policy shifts as global uncertainty fuels gold demand
DUBAI: Gold prices in Dubai surged on Tuesday, marking the highest retail rates seen in over a month.
The rise comes despite global spot prices showing minimal change, signalling strong local demand and currency-driven movement.
This upward trend began over the weekend and has continued into the week.
Dubai gold rates
As of Tuesday, 24K gold is retailing at Dh408.75 per gram – up Dh4 from Monday’s Dh404.75. This jump follows steady gains since Saturday, when 24K stood at Dh403.75.
The 22K rate also climbed, reaching Dh378.50 today compared to Dh374.75 yesterday. Similarly, 21K gold now trades at Dh362.75, rising from Dh359.50, while 18K has increased from Dh308.00 to Dh311.00 per gram.
What’s driving the market?
While the local retail prices have advanced, global spot gold remained flat at $3,390.69 per ounce early Tuesday. US gold futures held at $3,405.20. This divergence reflects Dubai’s unique pricing environment, heavily influenced by demand from residents and tourists alike.
Gold’s global rally is being supported by a weakening US dollar and falling Treasury yields, both of which make the precious metal more attractive. Investors are also closely watching upcoming trade talks and central bank policy meetings in the US and Europe, which could trigger more market shifts.
Global outlook
Traders anticipate a possible rate cut by the US Federal Reserve in September, which typically supports gold prices due to lower opportunity costs. Additionally, with the European Central Bank’s decision due on July 24, investors are keeping a close eye on interest rate policy across key economies.
Despite the broader international backdrop, Dubai continues to see a surge in gold prices driven by local factors, making it a key market to watch this week.