Dubai: Gold Prices Jump Dh11 Per Gram As Metal Extends Its Record Run

Gold prices extended their record-run streak at the opening of the markets in Dubai and globally on Monday morning, jumping Dh11 per gram.

At 9 am UAE time, the 24K gold price was trading at Dh612 per gram, a jump of Dh11 from last week's close. The 24K has gained Dh92 per gram year-to-date.

Similarly, 22K, 21K, 18K and 14K also hit a record high on Monday morning, reaching Dh566.75, Dh543.25, Dh465.75 and Dh363.25 per gram, respectively.

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The precious metal touched a new record high five times last week in Dubai as global prices maintained their upward trend due to geopolitical tensions around Greenland and Iran rattling investors.

Globally, spot gold crossed the $5,000 milestone at the start of this week, trading at $5,059 per ounce, up 1.4 per cent at 9.12 am UAE time.

“We all know the bull trend in gold is mature and, at some point, due for a pause or even a pronounced retracement. Yet the buying across all forms of gold exposure has been relentless,” said Chris Weston, head of research at Pepperstone.

“While many have recently framed gold as a hedge against fallout from US President Donald Trump's pursuit of Greenland and the risk of a US–Europe tariff war – yet, the subsequent emergence of a deal framework and the removal of Trump's tariff threats should, in theory, have seen those gold hedges unwound – instead, gold pushed to new highs.”

He noted that perhaps the market has seen enough and that gold increasingly looks like a hedge against Trump as the US President and the absolute unpredictability that comes with it.

“If US assets are to command a political risk premium, it is not being expressed in the US equity or credit markets, but through the USD reserve channels. While rising US debt levels may be seen as a reason investors own gold, it appears that global central banks, particularly in the emerging market space, are finding almost daily reasons to rotate reserves out of USD and into gold. There is comfort in holding an asset perceived as secure in a world where the global order may be shifting, tariffs may no longer be sufficient, and the risk of more drastic policy actions remains firmly on the table,” Weston concluded.

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