Dubai Gold Prices Up Dh50 Per Gram So Far This Year, Hit A Record High

[Editor's Note: Find out the gold rate in dubai here.]

Gold rally continued as prices hit a new milestone, surpassing Dh570 per gram in Dubai on Tuesday evening and rising by more than Dh50 per gram in just three weeks this year.

The 24K gold price was trading at Dh571.25 per gram, while 22K, 21K, 18K and 14K were selling at Dh529.0, Dh507.25, Dh434.75 and Dh339.25 per gram, respectively, on Tuesday evening.

In Dubai, the 24K gold price has risen by over Dh50 per gram year-to-date as it closed at Dh520 last year. On Tuesday, gold achieved another milestone as 21K became the third variant of the precious metal to surpass Dh500 per gram in Dubai and the UAE after 24K and 22K.

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

Globally, gold was trading at $4,727.51 per ounce, up 1.05 per cent at 7.30 pm UAE time, driven by the US-Europe row over Greenland and concerns around a criminal investigation against US Federal Reserve chief Jerome Powell.

“The Greenland crisis has sparked sharp safe-haven demand amid Trump's threat of EU tariffs. Additionally, criminal probes into Fed Chairman Powell have shaken confidence in the dollar, which had supported commodities. Finally, non-stop accumulation by central banks continues to provide a solid institutional support for the precious metals. Should tensions in Greenland continue and Fed independence concerns escalate, new highs are probable,” said Vijay Valecha, chief investment officer of Century Financial.

Ahmad Assiri, research strategist at Pepperstone, said the $5,000 per ounce price does not appear to be an overly optimistic scenario, but rather a logical medium-term target roughly 7 per cent away and firmly on the table, especially if the language of playing cards persists or expands geographically or politically.

“Precious metals are expected to remain the clearest expression of the prevailing defensive mood in markets until a negotiation path becomes clearer. The broader picture does not necessarily point to broad-based sell-offs similar to episodes seen last year, but rather to an extended phase of political push and pull, in which gold stands as the most prominent near-term winner from rising uncertainty,” he added.

MENAFN20012026000049011007ID1110626489