Dubai gold prices soar as 24 carat jumps Dh10 in 24 hours. Why does it matter?

Dubai: Gold prices in the UAE surged on Wednesday afternoon, with 24-carat climbing Dh10 in just 24 hours as the precious metal extended its rally amid global market uncertainty.

By Wednesday afternoon, 24-carat gold reached Dh507 per gram, up from Dh497.50 on Tuesday evening. The sharp intraday movement saw prices jump Dh3.50 from Wednesday morning’s opening rate of Dh503.50.

Meanwhile, 22-carat gold, popular among jewellery buyers in the UAE, rose even more dramatically – gaining Dh9 from Tuesday’s Dh460.75 to hit Dh469.50 by Wednesday afternoon.

The rate climbed Dh3.25 from the morning's Dh466.25.

The rapid price movement reflects increased volatility in global gold markets, with investors closely monitoring geopolitical tensions and economic indicators that typically drive safe-haven demand for the yellow metal.

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

Wednesday's surge follows months of fluctuating gold prices as markets navigate global economic challenges.

Industry observers note the speed of Wednesday's rally was particularly significant, with prices climbing throughout the trading day rather than remaining stable.

According to international market data, spot gold (trading at $4,192.45) has been trending higher on global exchanges as investors seek protection against currency fluctuations and economic instability. The precious metal traditionally attracts buyers during periods of market turbulence.

For UAE residents planning jewellery purchases, the sharp price increase means a 10-gram purchase of 24-carat gold now costs approximately Dh100 more than just 24 hours earlier. A similar weight of 22-carat gold would cost roughly Dh90 more.

Analysts suggest consumers monitor rates carefully before making purchases, as gold prices can fluctuate significantly during volatile periods. The current upward momentum could continue if global market conditions remain uncertain, though corrections are also possible as traders take profits.