Gold set to rise again—buy now or wait for Eid Al Adha deals?

Dubai: Gold buyers in the UAE are facing a tough choice this week—lock in current prices or wait for potential Eid Al Adha promotions starting June 2. But with global prices already rising fast, waiting might not be the smartest move.

The trigger? A fresh wave of geopolitical risk. Gold has surged in global markets after US President Donald Trump announced sweeping tariff threats—50% on European Union goods and at least 25% on Apple products made outside the US. That’s pushed investors out of equities and straight into gold, the world’s preferred safe haven.

As a result, gold prices globally are now nearing $3,360 an ounce, up $60 in just days. Spot gold spiked as much as 2% after Trump’s tariff comments, and bullion prices have now jumped over 25% this year. It’s trading just $150 shy of its all-time high.

As of today, retail gold prices in the UAE were Dh404.75 per gram for 24-karat gold. Rates for 22-karat gold stood at Dh374.75, while 21-karat gold was Dh359.25, and 18-karat gold traded at Dh308 per gram. (Check live gold rates here.)

Locally, that means gold has firmly returned to the Dh370-plus range for 22K, after hitting Dh359 earlier this month. If the rally continues, shoppers may soon see even higher prices—especially with the June 1 deadline for the proposed tariffs approaching.

For UAE-based jewellery buyers, the wait-and-watch strategy is tempting. Many are holding out for possible discounts during Eid promotions. But any savings offered by retailers could easily be offset if global prices keep climbing.

Beyond tariffs, other factors are keeping gold on firm footing: weakening confidence in the U.S. economy, rising fiscal deficit concerns, and volatility in the dollar and Treasury yields. Even a typically strong headwind—higher 10-year U.S. yields—hasn’t stopped gold’s rise this time.

In short, gold is gaining for all the right reasons. And if market fears deepen, it could climb further. For UAE residents considering a jewellery or investment gold buy, acting sooner rather than later may prove more cost-effective—before price hikes overshadow festive deals.