Dubai gold price high has given shoppers another shock. The 22K rate has jumped to Dh382.75 a gram. This is just Dh1 away from the all-time high reached in June. The increase has already slowed demand in UAE gold markets.
Retailers said they did not expect this sudden rise. Many had forecast the rate to fall to Dh365–Dh370 by September. Instead, the Dubai gold price high has added over Dh6 a gram in one week. The surge comes just before the Onam festival, a key buying season for the south Indian community.
Jewellers are worried about the impact on sales. Promotions and festival discounts are starting, but buyers may still hold back. Some shoppers are now choosing lighter 22K jewellery for investment to adjust to higher rates.
Global trends are also driving the local increase. International gold closed the week at \$3,447 an ounce, up by \$30. The rise came as investors rushed to buy gold before the expected US interest rate cut in mid-September. Historically, US rate cuts boost gold demand.
Markets could see more volatility next week. A US court ruling against President Trump’s tariffs has created uncertainty for investors. When global markets turn unstable, gold remains a safe choice. UAE retailers hope prices settle before late October, when Diwali and Dhanteras usually bring peak sales.
