Gold keeps shining: No break for UAE buyers as prices hit record highs 40 times!

Global gold tops $4,010 an ounce; UAE rate for 24-karat now just Dh17 away from Dh500 mark

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Justin Varghese, Your Money Editor
2 MIN READ
Gold keeps shining: No break for UAE buyers as prices hit record highs 40 times!

Dubai: Gold isn’t done surprising investors yet. Prices set a record of $3,825 an ounce last month, then peaked again yesterday to $4,010 — marking the 40th all-time high this year.

In the UAE, that momentum has pushed retail prices to Dh483 per gram on Wednesday, edging dangerously close to the Dh500 mark that once felt far away.

By Wednesday morning, the preferred 22-karat gold was now at Dh447 per gram. (Check latest UAE gold prices here, alongside prices in Saudi ArabiaOmanQatarBahrainKuwait, and India.) 

The World Gold Council’s latest Gold Market Commentary shows why this rally has legs — and why shoppers across the Emirates might see little relief soon.

Why gold’s still rising

Three big forces have been driving the rally:

  • Record-breaking inflows into gold-backed ETFs (exchange-traded funds)

  • A weaker US dollar

  • Political and market jitters worldwide

Global ETF inflows reached a massive US$17.3 billion in September — the highest ever — led by investors in North America and Europe, with Asia following suit. The surge comes as investors pull back from expensive stock markets and look for safety in something more tangible.

“Gold may look overbought, but it’s still under-owned,” the report notes, suggesting that institutional investors and central banks alike continue to see room for further buying.

What’s next for October

The report warns that October could be a tense month for equities — historically a volatile period for stock markets. With valuations stretched and earnings optimism fading, any correction could send even more investors toward gold.

While the US dollar could still rebound, analysts at the World Gold Council believe gold’s role as a “reliable hedge” remains intact, especially if the current mix of political tensions, trade risks, and central bank buying continues.

Even a small dip — like the brief selloff on September 30 — has been quickly snapped up by investors. “There’s still plenty of money waiting in the wings,” the report says.

What this means for UAE buyers

For UAE residents, the story is simple: gold is in demand everywhere, and that demand isn’t cooling. Shoppers who waited for a drop may have missed their window — at least for now.

Jewellery stores in Dubai’s Gold Souk and across the Emirates report brisk sales of lighter jewellery pieces, coins, and small bars as everyday buyers look to participate in the rally without breaking the bank.

Unless global tensions ease or the dollar stages a sharp recovery, gold prices are likely to remain elevated heading into the final quarter of 2025. For now, it seems, the shine isn’t wearing off anytime soon.

Justin Varghese
Justin VargheseYour Money Editor
Justin is a personal finance author and seasoned business journalist with over a decade of experience. He makes it his mission to break down complex financial topics and make them clear, relatable, and relevant—helping everyday readers navigate today’s economy with confidence. Before returning to his Middle Eastern roots, where he was born and raised, Justin worked as a Business Correspondent at Reuters, reporting on equities and economic trends across both the Middle East and Asia-Pacific regions.
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