Gold prices in Dubai: Third record high in three days this week at Dh503 per gram

It’s the third day of the week, and it’s the third consecutive new record high in gold prices in Dubai.

In the UAE, the precious metal touched a new all-time high at the opening of the markets in Dubai on Wednesday, surpassing Dh503 per gram.

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The Dubai Jewellery Group data showed 24K trading at Dh503.5 per gram, surpassing yesterday’s all-time high of Dh502.75 reached on Tuesday morning. Similarly, 22K, 21K, and 18K also hit a record-high of Dh466.25, Dh447.0, and Dh383.25 per gram, respectively.

Spot gold was trading at $4,188 per ounce on Wednesday morning at 9.10 am UAE time.

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Frank Walbaum, market analyst at Naga, said gold surged past $4,190 per ounce on Tuesday to a new all-time high before retreating slightly as investors locked in profits following the latest rally.

“The metal remained in positive territory, buoyed by safe-haven demand amid escalating US-China trade frictions and growing expectations of further Federal Reserve rate cuts. Persistent risks continue to support gold’s appeal. US President Donald Trump’s tariff threats and Beijing’s retaliatory sanctions against US-linked entities intensified market unease. In addition, Treasury Secretary Scott Bessent warned that the ongoing US government shutdown was beginning to weigh on economic activity, adding another layer of uncertainty,” said Walbaum.

He added that markets are pricing in near-certainty of 25-basis-point rate cuts in both October and December, supported by Fed officials who have cited rising risks to the labour market.

“Geopolitical risks remained a potential moving factor for gold. Tensions in Eastern Europe remain elevated. However, progress in the Middle East could reduce demand for gold to a certain extent,” he concluded.

Waheed Abbas

waheedabbas@khaleejtimes.com

Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.