Dubai gold rate: Shoppers brace for another price surge from Monday

Dubai: Any shopper in the UAE with plans to buy gold will be paying the highest ever per gram price in history – all of Dh383.5 a gram for 22K. And Dh414 for the 24K, as gold became the go-to asset once the scale of the conflict between Israel and Iran became apparent over the last 24 hours.

It was early Friday (June 13) that the Dubai gold price went past its earlier peak of Dh381.75 to go over Dh382 and now be at Dh383.5. (This will be the rate for the weekend, and shoppers, retailers and bullion traders everywhere need to wait until early Monday to see what’s next for gold prices.)

UAE gold retailers and bullion dealers are bringing forward their target date for local gold rate to push closer to Dh400 a gram for 22K. "If that milestone was initially likely to be by October/November 2025, now, all bets are off," said a dealer. "Dh400 a gram for 22K could happen much sooner."

According to Anil Dhanak, Managing Director of Kanz Jewels, "My forecast is for gold prices to hit $3,800 an ounce from the $3,400 plus levels of today."

It will make for subdued activity today and tomorrow, unless there are shoppers who absolutely need to pick up some gold and are willing to pay top dollar for it. Or someone who believes that gold is heading higher and they are better off buying right now.

According to gold market insiders, the Dubai gold rate had been in the Dh365-Dh375 range for the better part of April and May - when the world was fixed on what would happen with US President Trump's tariff threats on import partners.

But from yesterday (June 13), there is a whole new dimension that comes into where gold is heading - the start of the Israel attacks on Iran's nuclear and military facilities. The media reports are for the conflict to extend beyond a week or two.

"Volatility is the only certainty," said Muhammad Aslam of Zaye Capital Markets in a note. "Gold and oil are your hedges—equities are a minefield." (The Brent crude price is just over $70 a barrel. Oil had been at around $60 plus levels as recently as last month.)

He is not the only one suggesting gold is the one to watch out for. Will there be a rush of new institutional funds getting into gold for its safe haven status from next week?

If yes, shoppers need to be patient a lot longer - because gold's just about to get a lot more shine price-wise.