UAE: Gold Prices In Dubai Cross Dh450 Per Gram For First Time

Gold prices crossed Dh450 per gram in Dubai as the precious metal continues to set new record highs almost every day.

The Dubai Jewellery Group data showed 24K reaching Dh451.75 per gram but later slipped to Dh451.0 per gram on Tuesday morning. Similarly, 22K, 21K, and 18K touched a record high of Dh418.5, Dh401, and Dh344 per gram, respectively.

Importantly, 21K variant of the yellow metal also touched Dh400 per gram for the first time ever in Dubai.

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Spot gold was trading at $3,749.32 per ounce, up 0.24 per cent.

Ahmad Assiri, research strategist at Pepperstone, said gold remains the standout performer, trading above $3,750 after hitting fresh record highs in early dealings.

“In today's environment, it is arguably the hardest market for investors to ignore, underpinned by dollar softness, central banks' demand, and its entrenched role as a structural hedge. Every pullback over the past month has been swiftly absorbed by both speculative and institutional flows, underscoring the depth of conviction behind the move,” said Assiri.

Linh Tran, market analyst at xs, said the yellow metal is currently benefiting from multiple supportive factors at once, including macroeconomic conditions, monetary policy, geopolitical tensions, and the official reserve strategies of central banks.

“After setting a series of records throughout the year, gold prices have temporarily marked a new all-time high at around $3,760 per ounce. This milestone reflects investors' growing confidence in gold's role as a safe-haven asset and a long-term store of value in an increasingly uncertain environment, added Tran.

On the economic front, the Federal Reserve's decision to cut interest rates by 25 basis points at its September 2025 meeting signaled that the long tightening cycle may be nearing its end. However, Chair Jerome Powell emphasized caution, stressing that future policy would remain data-dependent, particularly on inflation and labor market conditions.

Another critical and longer-term factor lies in central bank demand. In just the first half of 2025, central banks collectively purchased a net 410 tonnes of gold (244 tonnes in Q1 and 166 tonnes in Q2), extending a streak of record-setting years since 2022.

“The geopolitical backdrop adds another layer of support to gold's appeal. Escalating tensions in the Middle East, particularly the conflict in Gaza alongside renewed US.-Arab diplomatic efforts, as well as the intensifying standoff between Russia and Nato following repeated airspace violations, all contribute to a more fragile global investment climate. These unpredictable developments create strong safe-haven demand for gold,” added Tran.

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