UAE Gold Prices Hold Steady After Record High, Shoppers Get A Weekend Break

UAE gold prices steady after Tuesday’s record highs, offering a brief respite for shoppers as the weekend approaches. On Friday morning, 22-karat gold remained steady at Dh416 per gram, and 24-karat gold held at Dh449.5 per gram, both down by Dh3 from Tuesday’s historic peak. Prices have remained unchanged since Thursday evening, continuing to reflect the high levels that have made gold less affordable for many buyers in the UAE.

The record was set on Tuesday when 24K and 22K gold reached all-time highs of Dh456 and Dh422 per gram, respectively. Spot gold also surged to a record $3,790 per ounce. Meanwhile, neighboring markets continue to see increases, with the Indian 24-carat gold rate rising to ₹11,487 per gram and 22-carat gold to ₹10,530 per gram as of Friday morning.

Despite this slight dip from the record, gold is still on track to log a sixth consecutive weekly gain. This momentum is driven by ongoing geopolitical tensions, strong inflows into bullion-backed exchange-traded funds (ETFs), and a risk-off sentiment in global financial markets. Bullion for immediate delivery hovered around $3,744 an ounce on Friday, maintaining a rise of over 1% for the week following Tuesday’s peak above $3,791.

Broader markets reacted cautiously after President Donald Trump intensified the US-China trade war, announcing steep tariffs on pharmaceuticals and a range of other goods. This uncertainty has strengthened gold’s appeal as a safe-haven asset.

Gold has experienced a strong rally this year, fueled by persistent central bank demand and renewed interest rate cuts from the Federal Reserve. Major financial institutions, including Goldman Sachs Group Inc., forecast the rally to continue, with gold on course to close a third straight quarterly gain, supported by sustained ETF holdings at levels not seen since 2022.

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