Dubai gold prices hold near record highs after sharp rally

Dubai: Gold prices in the UAE stayed high after hitting record levels earlier. On Friday morning, 22-karat gold was at Dh429.00 per gram, while 24-karat stood at Dh463.25.

Just a week ago, gold hit new highs in Dubai when 24-karat touched Dh452.25 and 22-karat Dh418.75 per gram.

(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 ₹11,869 per gram, and the rate for 22-karat gold rose to ₹10,880 per gram on Friday morning. 

Globally, gold steadied after a five-day rally that drove it to new peaks. The US government shutdown came into effect, heightening uncertainty. Traders also stepped up bets on Federal Reserve rate cuts following soft economic data.

Spot gold was holding around $3,860 an ounce, about $35 shy of its Wednesday peak. With federal operations paused, key economic reports the Fed relies on may be delayed.

It has now gained for six straight weeks, driven by demand from investors seeking safe-haven assets amid global uncertainty.

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.