Dubai gold rates near record as 22-karat gold stayed above Dh400 for the fifth day in a row. On Thursday morning, the 22K price opened at Dh407.25 per gram. A day earlier, it touched Dh406. Meanwhile, 24K gold reached Dh440 per gram.
The strong trend continues across global markets. Gold prices are now steady at $3,642 an ounce. This is only $32 below the record high set earlier this week. Analysts believe upcoming U.S. interest rate cuts will keep the market firm.
In India, the price of 24K gold is around ₹11,051 per gram. The 22K rate is about ₹10,130. Regional buyers in the UAE, Saudi Arabia, Oman, Qatar, Bahrain, and Kuwait are also facing higher prices.
Dubai gold rates near record partly because of central bank purchases and safe-haven demand. The metal has gained almost 40% this year. Investors expect the Federal Reserve to lower rates twice in 2025. A possible cut next week may push gold even higher.
Political uncertainty in the U.S. and trade concerns are also lifting demand. Many experts now forecast long-term prices could move toward \$5,000 an ounce.
For shoppers in Dubai, the rise means higher shop prices. Analysts warn more increases are likely if global pressures continue.
