UAE gold holds steady after Tuesday’s record, shoppers get weekend break

Dubai: Gold rates in the UAE remained steady at Dh416 per gram (for 22-karat) and Dh449.5 (for 24-karat) on Friday morning, down Dh3 from the record high on Tuesday, providing shoppers some respite ahead of the weekend.

Prices remain unchanged from Thursday evening, levels that made gold less affordable for many buyers in the UAE.

Gold prices in Dubai hit a record high on Tuesday, with 24K and 22K gold hitting an all-time high of Dh456 and Dh422.0 per gram, respectively. Spot gold touched a record of $3,790 per ounce.

(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 ₹11,487 per gram, and the rate for 22-carat gold rose to ₹10,530 per gram on Friday morning. 

Still, gold is on track for a sixth weekly gain — supported by elevated geopolitical tensions, inflows into bullion-backed exchange-traded funds, and a risk-off tone in broader markets.

Bullion for immediate delivery held near $3,744 an ounce, up by more than 1 per cent this week after peaking on Tuesday above $3,791.

In broader markets, Asian stocks retreated after President Donald Trump amped up his trade war, saying the US would impose a 100 per cent tariff on branded or patented pharmaceuticals, as well as announcing moves against a range of other goods including heavy trucks, kitchen cabinets, and bathroom vanities.

Gold has roared higher this year, setting successive peaks on sustained central-bank demand and a resumption of interest-rate cuts by the Federal Reserve. Prices are on track to close out a third consecutive quarterly gain next week, with holdings in bullion-backed ETFs at the highest since 2022. Leading banks, including Goldman Sachs Group Inc. have said they expect the rally to extend.