Dubai gold hits new all-time high: 24K reaches Dh458
Precious metals attract investors amid US economic concerns
DUBAI – Dubai gold rates opened the week on a high note on Monday.
The Dubai Jewellery Group reported the following retail prices: 24K at Dh458.25 per gram, 22K at Dh424.25, 21K at Dh407.00, and 18K at Dh348.75. Comparatively, on Saturday, 24K stood at Dh453.25, 22K at Dh419.50, 21K at Dh402.25, and 18K at Dh345.00, marking steady gains across all major karats.
Global surge
Gold prices continued their upward trajectory globally, with spot gold climbing to $3,798.73 per ounce, and US December gold futures rising to $3,830. The surge marks the sixth consecutive week of gains, driven by investor demand amid fears of a potential US government shutdown and expectations of future Federal Reserve interest rate cuts.
A weaker dollar further boosted the precious metal’s appeal.
Indian market
In India, domestic gold futures also touched record highs on Monday. The rate for 24-carat gold surged to INR11,547 per gram, while 22-carat gold reached INR10,585. Silver futures rose over 1.3% to 143,968 rupees per kilogram, reflecting both overseas gains and rupee depreciation against the dollar.
Indian dealers highlighted strong demand from investors seeking a hedge amid currency weakness.
Precious metals outlook
Other precious metals mirrored gold’s momentum. Silver and platinum prices in Dubai registered moderate gains, reflecting continued global investor interest in safe-haven assets. UAE buyers often turn to gold and metals to mitigate financial uncertainty, particularly when international economic data signals potential volatility.