Dubai: Gold rate spikes to new record again, 22k now at Dh408

Dubai: Gold prices in Dubai surged to new highs again on Tuesday, with 22-karat gold staying above Dh400 per gram for the third straight day, now at Dh408 per gram. The price of 24-karat gold also jumped Dh3 to Dh440.5 per gram.

(Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait.)

The rise comes after global gold prices reached a new all-time high of over $3,659 an ounce. This surge followed weak U.S. jobs data, which increased expectations that the U.S. Federal Reserve will cut interest rates soon. Lower interest rates usually make gold more attractive, since gold doesn’t earn interest.

Many traders now expect the Fed to cut rates twice this year, possibly starting with a small cut next week. This has helped push gold prices higher around the world.

Gold prices have already risen nearly 40% this year, helped by central bank buying, hopes for interest rate cuts, and global tensions. Political uncertainty in the U.S. and concerns over global trade have also made gold a popular "safe haven" for investors.

Experts believe gold could climb even further, especially if there’s more pressure on the U.S. central bank or if investors move money out of U.S. bonds and into gold. Some forecasts suggest gold could even reach $5,000 an ounce in the future.

For UAE gold shoppers, this means higher prices at the shops — and possibly more increases ahead.