Dubai gold hits Dh632 as global prices storm above $5,200
Silver spikes alongside bullion in fast-moving precious metals market
DUBAI – Dubai gold prices surged sharply on Wednesday, tracking an extraordinary global bullion rally that pushed international gold beyond $5,200 per ounce.
The move lifted local retail jewellery rates well above the Dh630 mark for 24K, marking one of the strongest daily jumps in recent weeks. The rise reflects currency movements, investor demand for safe-haven assets and mounting global economic uncertainty.
Dubai gold rates
According to Dubai Jewellery Group’s suggested retail rates on Wednesday, gold stood at Dh632.00 per gram for 24K, Dh585.25 for 22K, Dh561.25 for 21K, Dh481.00 for 18K, and Dh375.25 for 14K. This compares with Tuesday’s prices of Dh610.50 (24K), Dh565.25 (22K), Dh542.00 (21K), Dh464.50 (18K) and Dh362.25 (14K). On Monday, rates were marginally higher than Tuesday in some categories, with 24K at Dh610.75 and 22K at Dh565.75 per gram.
Global gold rally
Internationally, spot gold climbed to a record $5,266.37 per ounce, trading around $5,262 on Wednesday morning. Prices have risen more than 20% since the start of the year. The rally coincides with the US dollar hovering near a four-year low, increasing gold’s appeal for holders of other currencies.
Market focus remains on US monetary policy, with the Federal Reserve’s latest meeting concluding later in the day. Expectations that interest rates may ease in the future have supported bullion, which does not yield interest but benefits in lower-rate environments. Political signals from the US, including comments from President Donald Trump on the dollar’s value, have added to currency volatility.
Other precious metals
Silver continued its powerful advance, trading near $115.40 per ounce after touching a record $117.69 earlier this week. The metal has gained close to 60% this year, driven by investment demand and industrial use. Platinum also strengthened to about $2,685 per ounce, while palladium edged higher near $1,946.