Dubai Gold Prices At Record High, Moving Towards Dh500 Per Gram

Gold prices in Dubai surged to new record highs on Monday, with the precious metal topping $3,800 per ounce globally as the week began.

In the UAE, 24K jumped to an all-time high of Dh458.25 per gram while 22K reached Dh424.25 per gram. Among the other variants, 21K and 18K were trading at Dh407 and Dh348.75 per gram, respectively.

The gold prices have been rallying due to global uncertainty, geopolitical tensions, and interest rate cuts by the US. If uncertainty continues, this will push gold further high, and 24K could hit Dh500 per gram. Investors are bullish about the outlook due to gold's resilience and see precious metal touching $4,000 per ounce in 2026.

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Spot gold was trading at $3,810.53 per ounce, up 1.5 per cent on Monday noon. It reached $3,819 per ounce earlier in the day.

Dilin Wu, research strategist at Pepperstone, said gold broke above $3,800 to a new record high as US Federal Reserve rate cut expectations , US government shutdown risks, and geopolitical tensions drive safe-haven demand, with exchange-traded fund (ETF) inflows fueling continued gains.

“ Over the past week, the gold market remained dominated by bulls, with prices successfully breaking above $3,800 today, setting yet another record high. Expectations for further Fed rate cuts have supported this non-yielding asset, while US President Donald Trump's new tariff policies, geopolitical tensions, and potential US government shutdown risks have provided ongoing safe-haven buying. In addition, momentum traders' participation and continued inflows into gold ETFs have been key drivers supporting the steady upward push in prices,” Wu said.

Moreover, traders will closely monitor US fiscal policy developments and employment data, including the nonfarm payroll report, this week for gold's next move.

“ Whether gold can close above $3,800 is crucial. Holding this level would make $3,900 and some institutional forecasts of $4,000 this year more achievable. If prices retreat below $3,800, support may emerge around $3,700, with the next support level potentially near $3,630 if that fails,” said the research strategist at Pepperstone.

Looking ahead, she said gold's resilience in“buy-the-dip” behaviour has been reaffirmed.“Despite a minor midweek pullback, bulls quickly stepped in around $3,700, helping the weekly close finish up more than 2 per cent, maintaining a steady uptrend. On Monday, prices surged through $3,800 during intraday trading, with bulls actively seeking new upside,” she added.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said uncertainty is helping gold to fresh records.“The metal kicked off the week above $3,800 per ounce, while silver continues its exponential rise as investors shun the dollar and US debt. The precious metals rally is not just a short-term allocation story; trend-followers are in control, and the trend is strongly positive,” she added.

Ozkardeskaya added that the bigger picture remains unchanged as tariff risks exist and they weigh on global growth prospects, hurt global trade, and will lead to revised supply chains and a more divided world.“But their direct market impact has weakened,” she added.

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