Dubai Gold Prices Cross Dh600 Per Gram, Extend Record-High Streak To Five Days

(MENAFN- Khaleej Times)

Gold crossed Dh600 per gram in Dubai for the first time on Saturday, hitting a new record high for the fifth straight day.

According to Dubai Jewellery Group data, 24K gold price was trading at Dh601.0 per gram on Saturday morning, following global precious metal prices reaching close to $5,000 per ounce.

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Moreover, the 22K gold price reached a record high of Dh556.0, 21K at Dh533.5, 18K at Dh457.25, and 14K at Dh356.75 per gram.

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This could be a great opportunity for the UAE residents who want to sell their gold now, as the metal trade trades at a record high and above the key psychological level of Dh600.

Globally, the yellow metal closed the week at $4,988.56 per ounce, up 1.16 per cent, due to geopolitical uncertainties around the world, despite US President Donald Trump stating in his speech at the World Economic Forum that he would not use force to annex Greenland.

Ipek Ozkardeskaya, a senior analyst at Swissquote, said it took the US president just a single minute to shift sentiment from fear to greed.

“That came during Wednesday's Davos speech, when he said he is not considering military action to take Greenland by force-even though he could-and that discussions with Nato allies on Greenland had led to a framework that justified rolling back the latest tariffs imposed on a handful of European countries. A relief rally followed but didn't last long. As we enter the second year of the Trump administration, it is increasingly clear-even for those who still had doubts-that US deals and agreements offer little guarantee of stability,” she said.

Ozkardeskaya added that new tariffs remain unpredictable and may align with US objectives, regardless of global acceptance.

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