Buying gold in Dubai? Prices stay elevated after recent gains

Dubai gold prices unchanged as Fed’s dovish stance keeps bullion near record highs

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Nivetha Dayanand, Assistant Business Editor
Gold Stores in Hanoi Ahead of Retail Figures
Gold Stores in Hanoi Ahead of Retail Figures
Bloomberg

Dubai: Dubai’s gold market remained steady on Friday morning, with 24-karat gold trading at Dh515.75 per gram and the 22-karat variant at Dh477.50. The market held firm after three consecutive sessions of gains, mirroring global trends as bullion prices consolidated near record levels. (Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait, and India.)

Over the past week, local prices have trended upwards, tracking international momentum. From Dh505.75 per gram at the start of the month, the 24-karat price has climbed nearly Dh10, with steady progression seen through the second week of December. The 22-karat rate has followed a similar trajectory, rising from Dh468.25 early in the month to Dh477.50 by Friday.

Fed easing supports global bullion

Internationally, spot gold was little changed around $4,280 an ounce, after gaining 1.2% in the previous session. Analysts attribute the stable tone to expectations that the US Federal Reserve will maintain a dovish outlook following this week’s interest-rate cut. The central bank signalled that further monetary easing remains possible in 2026, prompting traders to price in at least two additional rate reductions.

Gold prices have surged over 60% in 2025, achieving their strongest annual performance since 1979. Silver has climbed even more sharply, more than doubling in value and touching a record high of $64.3120 an ounce on Thursday. Analysts cite heavy central bank purchases, sustained ETF inflows, and reduced investor appetite for sovereign debt as key drivers behind the rally.

According to the World Gold Council, holdings in gold-backed exchange-traded funds have expanded every month this year with the sole exception of May, reflecting consistent investor appetite. Silver, meanwhile, has benefited from supply-side tightness and dislocations across major trading centers.

Nivetha Dayanand
Nivetha DayanandAssistant Business Editor
Nivetha Dayanand is Assistant Business Editor at Gulf News, covering aviation, financial markets and commodities. A business and financial journalist with a strong interest in multimedia storytelling, she regularly takes complex financial and economic subjects beyond the written word, producing explainer videos that make them easier for a wider audience to understand. Nivetha has interviewed senior policymakers, business leaders and global financial figures both on and off camera. Her past guests include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Khaled bin Alwaleed Al Saud, a member of the House of Saud and the founder and CEO of KBW Ventures, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund and Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu. She has also hosted and moderated panels, conferences and awards shows, bringing her newsroom experience to live conversations on business, finance and the economy. An Erasmus Mundus journalism alum, Nivetha is drawn to stories that affect people directly and to reporting that gives a platform to voices that might otherwise go unheard. She was among the first journalists to speak to Petrofac employees in the UAE about unpaid salaries, broke the news of the planned demolition of Dubai’s well-known “Toyota Building”, and helped set the record straight on widely circulated claims that a giant replica of the Moon was coming to Dubai. More recently, her exclusive interview with EDGE Group CEO Hamad Al Marar revealed how the UAE-based defence group deployed its systems along the country’s shore border and established a geofence around the UAE within 48 hours of the February 28 escalation. Prior to joining Gulf News, Nivetha worked at ITP Media, where she helped launch Finance Middle East, a new publication covering the region’s financial sector. Her role spanned reporting and editing, video production, interviews and events. Across print, digital, and video, she focuses on finding the people behind business stories and explaining why those stories matter to the audience reading or watching them.
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