Dubai gold prices shoot up to new record, 22k now costs Dh400 a gram

Dubai: Gold rates touched a new record high in the UAE on Friday, with the shopper-favourite 22-karat shooting past Dh400 mark for the first time ever.

The price for the precious metal stood at Dh433.25 per gram for 24-karat, up compared with Dh426.50 seen on Thursday. From a day earlier, 22-karat was up by Dh2 per gram earlier in the day, before shooting past much-watched level of Dh400 by evening.

For UAE residents, this is no abstract forecast. Higher gold prices mean jewellery shoppers in Dubai’s souks will pay more for bangles, chains, and rings.

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

After global spot price of gold eased from a record high of $3,578.50 on Wednesday, it shot past its all-time best a day later, settling at $3,595 per ounce - a shot away from $3,600-mark.

Gold’s surge this week made it the year’s standout commodity, jumping over 30% since January. Sellers saw big profits. Buyers, on the other hand, faced disappointment.

Sellers may see a windfall as tourists and investors rush in. And for investors, gold is once again proving to be the ultimate safe haven in a world of unstable currencies and ballooning debt.