Dubai: Gold rates stay high with 22k up Dh1 to Dh412.25 a gram

Dubai: Gold prices in Dubai stayed high Tuesday evening, with 22-karat gold not looking to drop below Dh400 per gram anytime soon. It closed at Dh412.25 per gram, while the price of 24-karat gold touched Dh445.25 per gram.

(Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait.) Meanwhile, the Indian gold rate for 24-carat gold is approximately ₹11,193 per gram, and the rate for 22-carat gold is about ₹10,260 per gram on Tuesday. 

Gold hit a fresh record as investors priced in a likely Federal Reserve rate cut this week and considered further monetary easing in the months ahead.

On Tuesday, bullion surpassed Monday’s all-time high of around $3,685 an ounce, aided by the US dollar falling to its lowest level in over seven weeks. Markets now fully expect a quarter-point cut at the Fed’s September 16–17 meeting, alongside the release of the Fed’s quarterly economic and rate forecasts, or “dot plot,” followed by Chair Jerome Powell’s post-decision press conference.

Lower rates typically support gold, which has surged nearly 40% this year due to central bank demand, geopolitical tensions, and strong ETF inflows. Reduced yields cut the opportunity cost of holding the metal, while a weaker dollar makes it more affordable for global buyers.

Persistent geopolitical uncertainty, Trump’s tariff policies, and ongoing central bank purchases have further bolstered prices. Goldman Sachs has cited Trump’s unprecedented pressure on the Fed—including his attempt to remove Governor Lisa Cook—as a potential catalyst for gold to approach $5,000 an ounce.