Dubai: Gold Prices Rising On Hourly Basis, Jump Nearly Dh20 Per Gram In 24 Hours

2025-04-22 02:28:17

(MENAFN- Khaleej Times)

Gold prices are changing on an hourly basis, hitting fresh new records for the past week. The rates hit a record high of above $3,500, AFP reported.

This trend continued on Tuesday as the precious metal hit a new record high in Dubai and globally, jumping over 5 per cent to surpass $3,480 per ounce. In Dubai, the prices hit Dh420 per gram.

The 24K variant of the yellow metal jumped to Dh420.0 per gram on Tuesday, gaining nearly Dh15 per gram in the past 24 hours. Similarly, 22K rose to Dh388.75 per gram on Tuesday, up over Dh13 per gram since Monday morning.

Among the other variants, 21K and 18K were trading at Dh372.75 and Dh319.5 per gram.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

Spot gold was trading at $3,480.22 per ounce, up 4.74 per cent at 9.20 am UAE time due to weakness in the US dollar and uncertainty over US-China trade tension. It jumped over 5 per cent earlier to surpass $3,485 per ounce.

Many research and financial institutes have recently raised their forecasts for gold to $3,500 per ounce . Many of them predicted that it would touch $4,000 next year. But if the tariff uncertainty persists, the precious metal could possibly touch the $4,000 market this year.

As reported by Khaleej Times earlier, analysts and gold jewellers in Dubai believe that the prices of the precious metal will stay on the higher side and are unlikely to see a major correction.

“A weaker US dollar and heightened geopolitical risk - including tariff-led fear and uncertainty - have been key drivers of gold's performance. Alongside this, strong gold ETF buying across most regions has been propelling gold higher... Investor interest is likely to strengthen as gold's appeal as a safe-haven asset and portfolio diversifier heightens amid global economic uncertainties and financial market volatility,” said Kavita Chacko, research for India at World Gold Council.

Going forward, she said seasonal and wedding-related purchases may support gold demand this month and next.

MENAFN22042025000049011007ID1109459639

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.