Gold Rates In Dubai: 22K Hits Dh408 Again, Retests Tuesday's All-Time High

Gold prices retested Tuesday's all-time high today (Friday morning) in Dubai as the precious metal rose above $3,650 per ounce globally.

In Dubai, 24K was selling at Dh440.5 per gram and 22K at Dh408.0 on Friday morning. Gold touched the same level on Tuesday. Among the other variants of the yellow metal, 21K was trading at Dh391 and 18K at Dh335 per gram.

Spot gold was trading at $3,652.97 per ounce, up 0.5 per cent at 10 am UAE time.

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Linh Tran, market analyst at xs, said gold quickly regained its upward momentum after the inflation report, rebounding from the trough around $3,615 per ounce to near $3,650, reversing the pullback that stemmed from profit-taking and a brief rebound in the dollar and yields.

The key to gold in the short term is the September 18 Fed meeting on the rate decision, which will depend on how it assesses the recent data set.

“The market still leans toward a 25 bps cut, or at least a conditional easing message. If the Fed confirms this bias and the forward guidance suggests room for further rate cuts, real yields have scope to decline further, reinforcing gold's high base. Conversely, if the Fed emphasises inflation risks and signals caution about the pace of easing, this could push gold into a choppy phase before the larger trend is validated.”

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said gold continues to benefit from dovish Fed bets and ongoing geopolitical unease, pushing it toward record highs.

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