UAE gold prices back at record level, tracking global cues

Dubai: Gold prices in the UAE stayed high on Wednesday after hitting record levels a day earlier. 22-karat gold was at Dh431.50. per gram, while 24-karat stood at Dh465.75.

Just a week ago, gold hit new highs in Dubai when 24-karat touched Dh452.25 and 22-karat Dh418.75 per gram. Prices have since gained more than Dh13 in eight days.

(Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait.) Meanwhile, the Indian gold rate for 24-karat gold was back up at ₹11,864 per gram, and the rate for 22-karat gold rose to ₹10,875 per gram on Wednesday morning. 

Globally, the metal surged to new peak of $3,875 per ounce on Wednesday morning. It has now gained for six straight weeks, driven by demand from investors seeking safe-haven assets amid global uncertainty.

Gold hit a record high as the US government went into shutdown after lawmakers in Washington failed to reach a deal to keep it funded, though most Asia markets held gains.

The prospect of federal services being closed overshadowed optimism the Federal Reserve will cut interest rates again, with the crisis possibly causing the postponement of key data used by the bank to decide on policy.

For UAE consumers, the latest price movements mean gold remains both a cultural staple and a financial safe haven, with analysts expecting continued resilience in the months ahead.