Dubai gold jumps Dh10 as global prices near $4,500 record
Silver hits $69.98 peak
DUBAI gold prices climbed sharply on Tuesday, reflecting strong global momentum as bullion hovered near record highs.
Rates released by the Dubai Jewellery Group showed increases across all major carats compared with Monday, tracking the surge in international gold markets amid heightened geopolitical and economic uncertainty. The move places local prices firmly higher at the start of the trading day, with investors and buyers closely watching global developments.
Dubai gold rates
As of Tuesday, suggested retail gold jewellery prices in Dubai stood at Dh540 per gram for 24-carat gold, up from Dh529.75 on Monday. The 22-carat rate rose to Dh500 per gram, compared with Dh490.75 a day earlier, while 21-carat gold increased to Dh479.50 from Dh470.50 per gram. Eighteen-carat gold advanced to Dh411 per gram, up from Dh403.25 on Monday. Fourteen-carat gold was priced at Dh320.50 per gram. The gains marked a broad-based rise across all categories within a single session.
Global bullion
Internationally, gold touched record levels on Tuesday, coming close to the $4,500 per ounce threshold as investors turned to the metal amid rising geopolitical tensions and shifting monetary expectations. Spot gold rose 0.7 percent to $4,476.15 per ounce, after hitting an all-time high of $4,497.55 earlier in the session. US gold futures for February delivery climbed 0.9 percent to $4,509.80. Bullion has now surged more than 70 percent so far this year, supported by geopolitical risks, expectations of interest rate cuts, central bank purchases, de-dollarisation trends and renewed inflows into exchange-traded funds.
Other precious metals
Silver also surged to fresh highs, advancing 0.6 percent to $69.44 per ounce after touching a record $69.98. The metal has gained more than 141 percent year to date, outperforming gold amid supply deficits, industrial demand and investment inflows. Platinum jumped 2.2 percent to $2,167.25 per ounce, its highest level in over 17 years, while palladium rose 2.5 percent to a three-year high of $1,803.91, extending gains in tandem with the broader precious metals rally.