Gold prices in Dubai continued their upward trend on Wednesday, reaching a new all-time high. The price for 24K gold moved closer to the Dh400 per gram mark, reflecting rising global uncertainty.
According to the Dubai Jewellery Group, 24K gold opened at Dh395.75 per gram. This marked an increase from Dh389 recorded at the start of the week. Prices for other variants also climbed. 22K reached Dh366.5, 21K hit Dh351.5, while 18K stood at Dh301.25 per gram.
Gold Prices in Dubai
Meanwhile, analysts suggest that prices may rise further in the coming days. If the trade war between the US and China escalates, 24K gold could soon hit Dh400 per gram in Dubai. Growing investor demand for safe-haven assets is pushing prices higher.
Globally, gold traded at $3,287.63 per ounce at 9:10 am UAE time. This reflected a 2% increase from the previous day. The rise was mainly driven by trade tensions and a weaker US dollar.
Linh Tran, a market analyst at XS.com, said the US-China conflict continues to support the gold market. “President Trump imposed tariffs of up to 145% on Chinese imports,” she explained. “In response, China announced 125% tariffs on US goods and vowed to retaliate strongly.”
Furthermore, Tran pointed out inconsistencies in US trade policy. “Trump’s sudden exemptions for smartphones and electronics caused a brief Wall Street rally,” she said. “He also hinted at possible tariff relief for automobiles. However, these shifts make economic predictions more difficult.”
As a result, investor confidence remains low. The lack of clarity in US trade direction is increasing global risk. Therefore, many are turning to gold as a safer alternative.
In conclusion, gold remains a strong hedge during uncertain times. With rising geopolitical tension, demand in Dubai and globally may continue to grow.
