UAE gold up Dh12 in a week, hits new record again as global price skyrockets

Dubai: Gold prices in the UAE opened at record highs on Tuesday, with 22-karat gold at Dh430 per gram and 24-karat at Dh464.25. Both rose Dh4 from yesterday as global prices surged beyond $3,850 per ounce.

(Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait.) Meanwhile, the Indian gold rate for 24-karat gold spiked to ₹11,831 per gram, and the rate for 22-karat gold rose to ₹10,845 per gram on Tuesday evening. 

Gold first touched record levels in Dubai last Tuesday, when 24-karat hit Dh452.25 and 22-karat Dh418.75 per gram. Prices have climbed more than Dh12 in just one week.

Globally, gold set a new all-time high of $3,865 per ounce on Tuesday. The metal has now gained for six straight weeks, fueled by uncertainty and rising investor demand.

What’s driving the rise?

• Concerns over a possible US government shutdown could delay key economic data, including Friday’s jobs report.

• Signs of weakness in the US labour market may push the Federal Reserve toward interest rate cuts.

• Lower rates make gold and other non-yielding assets more attractive.

In the UAE, gold remains a go-to safe haven. Some investors may lock in gains by selling, while others wait for further price increases.

Takeaway: With US uncertainty in focus, gold and precious metals are drawing investors worldwide — and the UAE is no exception.