Dubai Gold Prices Hit Record High as 24K Surpasses Dh422 Per Gram

Gold prices in Dubai soared to an all-time high this week, with 24K gold climbing to Dh422.25 per gram, surpassing its previous peak of Dh420, according to the Dubai Jewellery Group.

Other variants also saw strong gains: 22K gold was priced at Dh391.25 per gram, 21K at Dh375.0, and 18K at Dh321.25. On the global market, spot gold traded at $3,495.79 per ounce, up 1.39 percent on Tuesday morning.

The surge has left many UAE residents debating whether to buy, sell, or hold their gold investments. In the Emirates, gold is both a cultural and economic staple, valued as a form of jewellery, a store of wealth, and a secure investment that can be easily liquidated in times of financial need.

Analysts link the rally to a combination of central bank buying, interest rate expectations, and geopolitical tensions. Samer Hasn, senior market analyst at xs.com, noted that “together, these dynamics have strengthened gold’s appeal as investors hedge against both monetary and equity-market uncertainties.”

He added that the US Federal Reserve’s possible September rate cut, growing pressure on the dollar, and slowing equity markets could drive gold even higher. “A weaker jobs report could entrench expectations of a rate cut, pressuring the dollar, which is already trading at a five-week low, while a stronger print could temper market conviction and weigh on bullion,” Hasn explained.

The World Gold Council highlighted that gold’s sensitivity to monetary policy expectations has historically intensified around the Jackson Hole Economic Symposium, and 2025 appears no different.

With global economic uncertainty persisting, experts expect Dubai gold prices to remain on an upward trajectory, keeping both investors and shoppers closely watching the market.