Dubai: Gold prices in Dubai are edging closer to a landmark Dh500 per gram for 24-karat, a level that would mark a new era for the city’s bullion trade. The metal has already reached a record high of nearly Dh479 per gram, as of 07:00 GST on October 7, fuelled by a surge in global prices past $3,900 an ounce and persistent demand for safe-haven assets.
(Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, India and Kuwait.)
Daniel Takieddine, co-founder and chief executive of Sky Links Capital Group, says a move to Dh500 would need another 9–10% increase in the local price. “Given the UAE dirham’s peg to the US dollar, this would imply an international gold price well above $4,200 per ounce, given that gold is currently trading at around $3,900 per ounce,” he said.
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For now, the path to Dh500 hinges on whether gold can convincingly break above $4,000 and move toward $4,200, a level that would likely lift Dubai’s 24K rate into new territory. Until then, experts advise shoppers to watch the data closely, buy smartly, and treat small dips as an opportunity rather than betting on a steep fall that may not materialise.
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