Dubai Gold Prices Reach All-Time High Of Dh429 Per Gram Before Minor Dip

On Friday, yellow metal prices hit an all-time high of Dh429 per gram, before easing slightly later in the day.

According to Dubai Jewellery Group data, 24K touched Dh429 per gram before easing to Dh427.5 per gram. Similarly, 22K reached an all-time high of Dh397.0 per gram, but fell slightly to Dh395.75 per gram.

Spot gold was trading steady at $3,551.22 per ounce on Friday afternoon.

Amid soaring prices, demand patterns are shifting. Over the past couple of years, budget-conscious shoppers in the UAE have shown a growing preference for lighter, more affordable jewellery, while some budget-conscious consumers have postponed purchases altogether.

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Small investors, meanwhile, are in catch-22 situation - unsure whethr to hold or sell their purchases or buy more coins and bars, in hopes the pric rally continues.

“Yes, the market is witnessing a distinct shift toward lightweight and affordable jewellery suited for everyday wear, a trend shaped by current gold prices and evolving lifestyle preferences,” said a spokesperson of Joyalukkas.

“Alongside this, contemporary designs are finding strong favour with younger audiences, while traditional collections continue to hold their timeless appeal. There is also a consistently strong response to exclusive offers and promotions, which further enrich the overall shopping experience and drive sustained interest,” said the spokesperson.

Samer Hasn, senior market analyst at xs, said spot gold is holding steady just below its record highs, floating near $3,550 per ounce.

“After a sharp rally in recent days, the metal is now consolidating as investors weigh economic risks and political uncertainties that continue to shape the macro backdrop. The recent strength in gold has stemmed more from concerns over economic stability than from outright expectations of rate cuts, while long-term bond selloffs support this narrative,” said Hasn.

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