Gold prices spike again to new record, stretching UAE buyer budgets very thin

Dubai: Gold prices spiked further by Monday evening, with 22-karat at Dh415 per gram and 24-karat at Dh448, rising Dh4 to a new record after a Dh3 rise pre-weekend, pushing them further out of reach 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 has also risen to ₹11,307 per gram, and the rate for 22-carat gold is about ₹10,365 per gram by Monday evening. 

Despite record-high prices, UAE jewellers report that consumers are not fundamentally shifting away from gold purchases. Instead, they quickly adapt to new price levels as the "new normal," particularly for culturally significant occasions like weddings and festivals.

Gold hit a record high at the start of the week, climbing past $3,720 an ounce. Investors are pouring money into gold ETFs—the highest in three years—betting that the US Federal Reserve will continue cutting interest rates. Silver also rose, gaining over 50% since the start of the year.

The Fed’s rate cuts, rising central bank gold purchases, and ongoing global uncertainties are driving demand for these safe-haven metals. Gold has now seen five straight weeks of gains. Analysts, including Goldman Sachs, expect prices to continue rising, making it a strong option for investors looking to protect their wealth.

For UAE buyers, this means gold prices in the local market are likely to remain high in the days to come.