Gold holds near record after three straight days of hitting a new high

Dubai: 22K gold Dh418.75 per gram, 24K at Dh452.25, up marginally from yesterday's close

Last updated: September 24, 2025 | 08:03

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Gold rose for a fifth straight week after the US Federal Reserve cut interest rates for the first time this year.

Ahmad Alotbi/Gulf News

Dubai: Gold rates in the UAE were trading close to record levels after rising Dh45 in the past four weeks — nearly 10% this month. The rally has picked up pace, leaving UAE buyers preparing for further price increases.

On Wednesday morning, 22K gold was Dh418.75 per gram and 24K was Dh452.25. Prices were less than Dh1 higher than Tuesday’s close but remain at levels that make gold less affordable for many buyers.

(Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait.) Meanwhile, the Indian gold rate for 24-carat gold spiked to ₹11,569 per gram, and the rate for 22-carat gold rose to ₹10,605 per gram on Wednesday morning.

Also Read: Gold prices stay near record highs, stretching UAE buyers’ budgets

Gold prices held just below record levels after three days of gains. Investors weighed comments from US Federal Reserve officials, including Chair Jerome Powell, and rising geopolitical tensions over Russia.

Spot gold traded near $3,761 an ounce on Wednesday, about $30 below Tuesday’s record high - the third day in a row gold set a new high.

Powell said the US job market and inflation face risks but gave no signal on whether he would support another interest rate cut in October.

Why gold is strong this year

The central bank rate cuts last week.
Heavy central bank buying of gold.
Rising ETF demand — gold-backed funds saw the biggest inflows in three years last week, almost 400 tons added so far in 2025.
Reports that China may act as a custodian of foreign sovereign gold reserves, boosting confidence.

Silver has also surged, making both metals among the best-performing commodities this year.

Justin VargheseYour Money Editor

Justin is a personal finance author and seasoned business journalist with over a decade of experience. He makes it his mission to break down complex financial topics and make them clear, relatable, and relevant—helping everyday readers navigate today’s economy with confidence. Before returning to his Middle Eastern roots, where he was born and raised, Justin worked as a Business Correspondent at Reuters, reporting on equities and economic trends across both the Middle East and Asia-Pacific regions.