Dubai Gold Prices Cross Dh600 Per Gram as Global Rates Hold Steady
Dubai gold prices surged past Dh600 per gram, marking a major milestone for UAE investors and buyers.
The 24K gold rate climbed to Dh600.75 per gram on Thursday morning, according to data released by the Dubai Jewellery Group. This reflects an increase of more than Dh6 per gram compared to Wednesday’s opening rate.
This jump follows strong global momentum, as spot gold hovered near the historic $5,000 mark.
Fast Facts
- 24K Gold Price: Dh600.75 per gram, up over Dh6 from Wednesday’s opening rate.
- Other Rates: 22K at Dh556.25, 21K at Dh533.25, 18K at Dh457.00, 14K at Dh356.50.
- Global Spot Price: Gold traded at $4,995 per ounce at 9:40 am UAE time.
- Market Trigger: Prices jumped over 2% due to geopolitical tensions.
- Fed Outlook: US policymakers held rates steady but remain divided on future moves.
Gold Variants See Strong Gains Across UAE
Other gold variants also recorded notable increases across Dubai’s retail markets:
- 22K: Dh556.25 per gram
- 21K: Dh533.25 per gram
- 18K: Dh457.00 per gram
- 14K: Dh356.50 per gram
At the global level, spot gold traded at $4,995 per ounce at 9:40 am UAE time, up 0.14 percent. On Wednesday evening, prices jumped more than two percent due to geopolitical tensions.
However, gains slowed as the US dollar strengthened. The greenback held near a one-week high, which made dollar-priced bullion more expensive for buyers using other currencies.
US Federal Reserve Signals Caution
Market sentiment also reacted to the latest meeting minutes from the US Federal Reserve. Policymakers agreed almost unanimously to keep interest rates unchanged for now.
Still, divisions remain about the next move. Several members signaled openness to rate hikes if inflation stays high. Others suggested they may support rate cuts if inflation continues to ease.
Christopher Wong, a strategist at OCBC, said gold currently sits in a consolidation phase. He explained that thin liquidity during the Asia holiday period likely influenced recent movements rather than any major change in fundamentals.
For UAE residents, crossing Dh600 per gram marks both a psychological and financial milestone. Gold remains a key asset for investors and a traditional store of value for families across the Emirates.
Analysts now watch global inflation data and US monetary policy closely. These factors will likely determine whether Dubai gold prices continue rising or stabilize in the coming days.
