Dubai gold jumps by up to Dh9.25 a gram as global prices hit two-week high
Precious metals gain with silver extending recent advance
DUBAI – Dubai's gold market extended its upward momentum on Wednesday, with retail jewellery prices rising sharply across all major categories tracked by the Dubai Jewellery Group.
The latest increase comes as international gold prices climbed to a two-week high, supported by geopolitical tensions in the Middle East and investor focus on the US Federal Reserve's interest rate outlook. Silver and other precious metals also posted strong gains, reflecting broader strength across the bullion market.
The fresh rally marks the third consecutive trading day of increases in Dubai, taking local gold prices to their highest levels in more than two weeks. Buyers and investors are now closely tracking developments in global markets, where bullion continues to respond to economic expectations and geopolitical risks.
Dubai gold rates
According to the Dubai Jewellery Group, 24K gold was priced at Dh497.25 per gram on Wednesday, up Dh9.25 from Dh488.00 on Tuesday. 22K gold climbed to Dh460.50, gaining Dh8.50 from Dh452.00, while 18K gold rose to Dh378.50, an increase of Dh7.00 from Dh371.50 a day earlier.
The latest gains also widened the increase over Monday's prices. Since July 20, 24K gold has advanced Dh12.75 per gram from Dh484.50, while 22K has risen Dh11.75 from Dh448.75. Meanwhile, 18K gold has gained Dh9.75 over the same period, climbing from Dh368.75.
Global market
International gold prices climbed to their highest level since July 7 during Wednesday's trading. Spot gold rose 1.3 percent to $4,129.43 an ounce, while US gold futures for August delivery gained 1.4 percent to $4,134.50.
Market attention remained firmly on the widening Middle East conflict and the upcoming US Federal Reserve policy meeting. Investors continued to assess the impact of regional instability on inflation and interest rates after tensions involving Iran intensified. US Secretary of State Marco Rubio said Washington remains willing to negotiate with Iran, although talks have yet to make meaningful progress.
Concerns over energy supplies also remained in focus after three oil tankers carrying Saudi crude to Asia reportedly reversed course in the Red Sea following threats from Yemen's Iran-aligned Houthis. The developments renewed attention on key shipping routes linked to the Strait of Hormuz, with oil prices remaining elevated as traders weighed potential supply disruptions.
A Reuters poll indicated the Federal Reserve is expected to keep its benchmark interest rate unchanged for the rest of 2026, although a growing number of economists now see a higher probability of a rate increase later this year. Higher interest rates generally reduce the appeal of non-yielding assets such as gold.
Other precious metals
Silver also recorded a strong advance, with spot prices rising 1.6 percent to $59.71 an ounce after touching their highest level since July 10.
Platinum gained 1.9 percent to $1,659.97, while palladium climbed 2.2 percent to $1,310.50, extending the broader rally across precious metals.