Dubai gold prices hit a new record amid renewed global demand

Dubai:  In Dubai, 24-karat gold hit Dh525.25 per gram and 22-karat reached Dh486 on Tuesday in what market participants described as a renewed record after last week’s turbulence. 

The surge follows a sharp global sell-off that earlier in the week had trimmed part of bullion’s recent rally. In India, 24-karat hit ₹13,069 per gram and 22-karat stood at ₹11,980.

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

Globally, gold continues to find support despite signs of easing trade tensions and expectations of a resolution to the US government shutdown. Other factors at play include hopes for US interest-rate cuts and rising central bank and ETF inflows. Spot gold recently moved above $4,200 per ounce.  Analysts at major banks such as HSBC now forecast the metal could hit $5,000 an ounce in 2026.

In the UAE and neighbouring Gulf states, the run-up in price is already changing behaviour. While Dubai remains a global trade hub, high rates are deterring some retail jewellery buying and shifting demand toward lighter pieces and alternate assets

In India, where gold often has both investment and cultural appeal, the higher import parity is now pushing shoppers to compare global offerings and adjust purchase timing.

Despite the rally, technical indicators suggest caution. Some momentum metrics indicate the run that started in August may have overextended. On the risk side, any sudden easing of geopolitical or macro-economic stress could trigger a pull-back.

For investors and consumers, gold is commanding fresh attention, and the price momentum has shifted into a higher gear.