Gold Prices Surge in Dubai, 22K Crosses Dh310 Mark

Gold prices in Dubai continued their upward trajectory on Friday, with 22K gold crossing the Dh310 per gram mark, reflecting a strong rally in the global and local markets.

According to the Dubai Jewellery Group, 24K gold was trading at Dh335.75 per gram, while 22K opened at Dh310.75. Other popular variants, 21K and 18K, were priced at Dh301 and Dh258 per gram, respectively.

Global Factors Drive Gold Rally

Globally, spot gold was trading at $2,771.01 per ounce, up 0.52 percent, amid market uncertainties linked to US President Donald Trump’s tariff policies and his calls for lower interest rates.

The rally has gained momentum this week, according to Ole Hansen, head of commodity strategy at Saxo Bank. “The move accelerated after breaking resistance at $2,725, clearing the path to retest last year’s record high of $2,790,” Hansen said.

Geopolitical and Economic Uncertainty Fuel Demand

Hansen noted that geopolitical tensions and shifting economic conditions have driven investors towards gold as a safer asset. “Demand for investment metals continues to be fuelled by an uncertain geopolitical landscape,” he said.

The renewed focus on tariffs under Trump’s administration has sparked concerns about rising inflation and a weakening US dollar, which could further support gold’s upward movement.

“With Trump 2.0 upon us, this development shows no signs of fading. Potential risks of tariffs causing inflation and the dollar’s eventual weakening remove an obstacle standing in the way of further gains,” Hansen added.

Market Outlook

The strong performance of gold this week aligns with Saxo Bank’s long-held bullish outlook on both gold and silver. As global tensions persist and economic uncertainties loom, the demand for precious metals is expected to remain robust.

In Dubai, a leading hub for gold trading, the rise in prices reflects both global trends and strong local demand. The Dubai Jewellery Group’s pricing is closely watched by traders and consumers, and the recent rally is likely to influence market dynamics in the coming weeks.

With gold prices nearing record highs, investors and consumers in the UAE are expected to monitor the market closely for further developments. The current environment underscores gold’s enduring appeal as a hedge against economic volatility and inflationary pressures.