Gold prices surge again, putting it within record high of $2,790

Dubai: Gold prices have soared to levels that are extremely painful for prospective shoppers, with the current level at $2,752 an ounce. And it reached there after gaining as much as $44 over the last few hours.

The UAE gold rate is at Dh308.5 for a gram of 22K, easily the highest point since January 1’s Dh294.5. Yesterday, it was at Dh305.5.

“It’s only those shoppers who need to buy for a specific occasion such as a wedding or engagement who will venture to do any gold buying now,” said a jewellery retailer.

“Because today’s rate is just another $38 from clearing the current all-time peak of $2,790 an ounce, which was the price of bullion in late October 2024.”

Jewellers say that offering straight discounts will not be enough to convince any potential shopper now. “Most likely, the majority will prefer to wait out this volatility,” said an analyst. “This week seems to suggest extra volatility on the upside for gold.”

In the last 30 days, gold’s shot up nearly $128 on an ounce basis.