Dubai gold prices set a new record high on Tuesday morning. The Dubai gold record high was marked as the 22K variant rose to Dh408 per gram, according to Dubai Jewellery Group data. This comes after consistent gains in recent days, pushing prices to fresh all-time highs.
The 24K variant also jumped by Dh3 per gram to Dh440.5. At the same time, 21K climbed to Dh391, moving closer to the Dh400 level. The 18K variety opened at Dh335 per gram. These steady increases highlight strong investor demand and global market support.
Analysts say the rally is backed by easing US monetary policy, a weaker dollar, and central bank buying. Residents in the UAE are advised to hold if possible, as prices are expected to stay strong in the coming weeks. However, they should also watch for possible profit-taking after months of gains.
Globally, spot gold was trading at $3,655.32 per ounce at 9:30 am UAE time. After breaking the $3,600 barrier, all eyes are now on the next milestone of $3,700. Market experts believe that weak US jobs data, geopolitical tensions, and monetary easing expectations will continue to fuel the rally.
“Gold bulls have been unstoppable over the past week,” said Dilin Wu, research strategist at Pepperstone. Linh Tran, market analyst at xs.com, added that the metal is in a strong uptrend with support from lower rates and a weaker dollar.
With the Dubai gold record high set once again, residents and investors remain keen on whether the momentum will carry further through the year.
