Dubai: Gold Prices Inch Closer To Dh400 Per Gram For 24K As Yellow Metal Hits New Record High

Safe-haven gold prices rallied to a new record high on Wednesday morning, inching closer to Dh400 per gram.

The Dubai Jewellery Group data showed 24K trading at Dh395.75 per gram at the opening of the markets on Wednesday, up from Dh389 at the start of the week. Similarly, 22K, 21K and 18K jumped to Dh366.5, Dh351.5 and Dh301.25 per gram, respectively, on Wednesday.

If the global tariff war between the US, China, and other countries escalates further, analysts expect gold prices to reach Dh400 per gram soon in Dubai.

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Globally, gold was trading at $3,287.63 per ounce, up 2 per cent at 9.10 am UAE time, driven by global tariff war concerns and a weaker dollar.

Linh Tran, a market analyst at xs, said the escalating trade war between the US and China is a key factor supporting gold prices.

“President Donald Trump has officially imposed tariffs of up to 145 per cent on Chinese goods, while China responded immediately with retaliatory tariffs of 125 per cent on US products, declaring it is ready to 'fight to the end'”, Tran said.

“However, Trump's trade policy stance has shown signs of inconsistency, making market predictions more difficult. Earlier this week, he unexpectedly announced exemptions for smartphones and certain electronic devices from the high-tariff list, which fuelled a rally on Wall Street. He also hinted at the possibility of granting tariff exemptions for automobiles, raising hopes that negotiations could resume in some sectors. Nonetheless, this inconsistency in Trump's policy direction is generating significant uncertainty over US economic strategy, leading to a sharp decline in global risk appetite. In such a context, gold continues to be favoured as a safe-haven asset,” she said.

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