Dubai gold prices hold above Dh400 as buyers opt for smart plans
UAE residents turn to monthly gold plans amid high global rates
Dubai gold prices held steady on Friday, with 24-carat gold priced at Dh403 and 22-carat gold at Dh373 per gram.
The 21-carat variety stood at Dh357.5, while 18-carat gold reached Dh306.5. This stability comes despite a global pullback in gold prices, which dipped 0.18% to $3,328.7 for spot gold and 0.37% to $3,336.05 for U.S. gold futures.
Earlier this week, global bullion surged to a record high of $3,500.05. The precious metal has now gained more than $700 this year, with a 9% increase recorded over the last 30 days alone.
Smart buyer moves
Despite gold’s high prices, UAE shoppers are not backing away. Many are now turning to monthly gold instalment plans, starting from as low as Dh1,000. These plans allow buyers to gradually build gold savings, redeemable later as jewellery, coins or bars – often with retailer incentives.
Retailers report a sharp rise in sign-ups, including non-residents visiting the United Arab Emirates (UAE).
Rate cut hints
Comments from Federal Reserve officials added to gold’s momentum. Cleveland Fed President Beth Hammack hinted that a rate cut could come as early as June if the data supports it. Meanwhile, Fed Governor Christopher Waller said he would support easing if tariffs begin affecting the job market.
The US dollar gained 0.49% on Thursday following upbeat macro data, increasing the cost of gold for international buyers. Still, traders expect around 84 basis points of rate cuts by the end of 2025, keeping investor appetite strong.