Dubai’s Gold Price Breaks Barriers 22-Carat Hits Dh408 per Gram Amid Global Rally

Gold prices in Dubai climbed to unprecedented heights today, with 22-carat gold reaching a record Dh408 per gram, up Dh2.75 from the previous day.

Meanwhile, the premium 24-carat variant also surged, jumping Dh3 to Dh440.50 per gram, while 21K gold edged closer to the Dh400 milestone at Dh391 per gram.

What’s Driving the Precious Metal Upward?

• Global bullion trends: Spot gold recently broke above the $3,650 mark, trading near $3,655 per ounce as of Tuesday morning UAE time.
• US economic cues: Disappointing US jobs data dampened rate hike expectations, reinforcing investor belief that the Federal Reserve may soon cut interest rates. This, combined with a weak dollar, has elevated gold’s appeal as a safe-haven investment.
• Market forecasts: Analysts anticipate continued upward momentum. Pepperstone’s Dilin Wu called the rally “unstoppable,” citing inflation, geopolitical tensions, and central bank purchases. Meanwhile, Linh Tran of xs.com suggested that, with real rate cuts, gold could aim for $3,700 per ounce next.

Impact on Shoppers and Investors

For everyday shoppers and residents, this spike significantly impacts jewellery costs in Dubai’s famous souks and malls.

Investment strategies are now crucial:

• Analysts recommend partial profit-taking near current levels to lock in gains.
• Still, retaining some exposure in anticipation of further gains (potentially to $3,700/oz) may be wise if market conditions remain favorable.

Overview: Gold Price Snapshot

Final Thoughts

Dubai’s gold market is witnessing a rare bullish stretch fueled by global demand, monetary expectations, and safe-haven sentiment. For consumers, the cost of gold jewellery has spiked; investors are weighing options between realizing gains now or holding out for potentially higher returns. As central bank signals evolve and economic data unfolds, the gold market may continue to glitter or tread cautiously