Retail gold nears record highs as global bullion races towards $4,000
Dubai: Gold prices in Dubai are edging closer to a landmark Dh500 per gram for 24-karat, a level that would mark a new era for the city’s bullion trade. The metal has already reached a record high of nearly Dh475 per gram, fuelled by a surge in global prices past $3,900 an ounce and persistent demand for safe-haven assets.
Daniel Takieddine, co-founder and chief executive of Sky Links Capital Group, says a move to Dh500 would need another 9–10% increase in the local price. “Given the UAE dirham’s peg to the US dollar, this would imply an international gold price well above $4,200 per ounce, given that gold is currently trading at around $3,900 per ounce,” he said.
Dubai’s pricing typically mirrors global spot trends during sharp rallies, thanks to the currency peg, though small differences emerge due to premiums and local market dynamics. “While there may be differences due to spreads and local costs, relative movements are quick to adjust,” Takieddine said.
For now, the path to Dh500 hinges on whether gold can convincingly break above $4,000 and move toward $4,200, a level that would likely lift Dubai’s 24K rate into new territory. Until then, experts advise shoppers to watch the data closely, buy smartly, and treat small dips as an opportunity rather than betting on a steep fall that may not materialise.
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