UAE gold spikes Dh4 to hit new record again as global price tops $3,800

Dubai: Gold rates in the UAE closed at a new high of Dh426.75 per gram (for 22-karat) and Dh460.75 (for 24-karat) Monday evening, up Dh4 from morning, as global prices shot past $3,800 per ounce for the first time ever.

(Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait.) Meanwhile, the Indian gold rate for 24-carat gold spiked to ₹11,689 per gram, and the rate for 22-carat gold rose to ₹10,715 per gram by Monday evening. 

Gold prices in Dubai last hit a record level last week, with 24K and 22K gold hitting an all-time high of Dh452.25 and Dh418.75 per gram, respectively.

Globally, gold prices surged to a new all-time high on Monday, reaching $3,829.36 per ounce, driven by global uncertainty and strong investor demand. This marks the sixth week in a row that gold prices have gone up.

Why the rise?

Investors are concerned about a possible US government shutdown, which could delay key economic data – especially a major jobs report expected on Friday.

If the US jobs market shows signs of weakness, the Federal Reserve (Fed) may be more likely to cut interest rates. Lower interest rates usually make gold and other precious metals more attractive, since they don’t earn interest.

UAE investors often turn to gold as a safe-haven asset during uncertain times. With rising prices, some may see this as a good time to sell, while others may wait for further increases.

Key takeaway: With uncertainty in the US, gold and precious metals are becoming more popular among investors globally – including in the UAE.