Gold prices in Dubai are climbing rapidly, setting new records almost every day. The trend continued on Tuesday with a sharp increase in rates across all variants.
The 24K gold price jumped to Dh420.0 per gram, gaining nearly Dh15 in just 24 hours. Likewise, 22K gold reached Dh388.75 per gram, up by more than Dh13 since Monday morning. In comparison, 21K and 18K gold traded at Dh372.75 and Dh319.50 per gram, respectively.
Globally, spot gold touched $3,480.22 per ounce by 9:20 am UAE time. This marks a 4.74% rise from the previous day. Earlier, it briefly crossed $3,485 per ounce, recording a jump of over 5% within 24 hours. The rally is largely driven by a weaker US dollar and rising US-China trade tensions.
Moreover, financial experts are raising their gold forecasts for 2025. Many believe prices could reach $3,500 soon. Some even expect gold to hit $4,000 this year if global uncertainty continues.
In Dubai, gold traders remain confident. According to analysts, prices are likely to stay high for the foreseeable future. A major correction is not expected anytime soon.
In a recent statement, Kavita Chacko, senior analyst at the World Gold Council, explained the ongoing surge. “A weaker US dollar and geopolitical risks, especially trade concerns, are key factors behind gold’s rally,” she said. She also noted strong buying activity in gold ETFs across multiple regions.
Furthermore, gold’s reputation as a safe-haven asset continues to attract investors. Its role as a portfolio diversifier has become more important amid market volatility.
Looking ahead, seasonal and wedding-related purchases may also support gold demand in the UAE. This added demand is expected to keep prices stable or even higher in the coming weeks.
