Dubai gold prices rise Dh50 per gram in 2026, hit record high
Gold surged after hitting a new high on Tuesday evening in Dubai with the per gram price crossing Dh570 and jumping by more than Dh50 in just three weeks this year.
The trading day opened with the 24K gold price pegged at Dh571. 25 per gram, followed by 22K, 21K, 18K and 14K which were selling at Dh529. 0, Dh507. 25, Dh434. 75 and Dh339. 25 a gram, respectively, Tuesday evening.
While at the other end, in Dubai the 24k gold prices inched more than Dh50 over a gram as it ended up on Dh520 last year. The precious yellow metal reached another new threshold on Tuesday after 21K joined the ranks of gold varieties sold beyond Dh500 per gram in Dubai and across UAE alongside 24K and 22K.
Gold was up 1.05 per cent at $4,727.51 ounce elsewhere in the world at 7.30 pm UAE time, fueled by a US-Europe dispute over Greenland and worries about a criminal investigation of US Federal Reserve chief Jerome Powell.
“The Greenland crisis has created the most powerful safe-haven demand as Trump talks of imposing tariffs on… EU countries. And criminal investigations of Fed Chairman Powell have shaken faith in the dollar, which has buoyed commodities.
And last but not least, relentless central bank buying offers a strong institutional backbone for precious metals. “With Greenland tensions unlikely to subside and Fed independence concern likely to rise, new highs look inevitable,” said Vijay Valecha, chief investment officer at Century Financial.
According to Pepperstone research strategist, Ahmad Assiri, the $5,000 an ounce price is not “excessive or optimistic,” but rather a logical medium-term target that was just circa 7 per cent higher and well on the cards if the gambling rhetoric continues or extends its geographical or political landscape.
“Until there's some kind of pathway through negotiations, precious metals will continue to be clear expression of this defensive trend in markets.
The bigger picture does not suggest the kind of broad-based liquidation we saw in, for example, late 2018, unless you want to talk about an extended period of political tug-of-war,” he said.“Gold is easily the most visible immediate beneficiary of growing uncertainty,” he added.
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