UAE Gold prices hit a fresh high of Dh523 per gram for 24-karat gold before falling back by nearly Dh17 to Dh507 by Friday evening.
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UAE Gold prices hit a fresh high of Dh523 per gram for 24-karat gold before falling back by nearly Dh17 to Dh507 by Friday evening.
UAE Gold prices hit a fresh high of Dh523 per gram for 24-karat gold before falling back by nearly Dh17 to Dh507 by Friday evening. Similarly, 22-karat gold opened at Dh485 and closed around Dh469.5. This surge is part of a record-breaking weekly rally fueled by several global factors including safe-haven demand amid geopolitical tensions and expectations that the US Federal Reserve will continue cutting interest rates.
The Diwali season has become the most expensive yet for gold buyers in the UAE, with shoppers adjusting budgets by opting for lighter designs, smaller coins, and everyday-wear pieces rather than heavy jewelry sets. Some buyers are postponing purchases, hoping for a price correction after the festivities.
Analysts link the ongoing rally to growing US-China trade tensions, a US government shutdown, and signals from Federal Reserve Chair Jerome Powell about potential rate cuts. Gold’s appeal is also driven by declining yields on bonds and cash, driving investors towards non-yielding assets like gold as a stable store of value amid fiscal concerns.
Globally, gold reached levels above $4,270 an ounce, with HSBC raising its price forecasts for 2025 and 2026 due to persistent demand from safe-haven buyers and macroeconomic uncertainties.
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