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Dubai: Gold prices ease slightly after hitting record high
On Monday, the price of 24K gold, the purest form of precious metal, jumped Dh12.5 to an all-time high of Dh555.75 per gram
- PUBLISHED: Tue 13 Jan 2026, 9:33 AM
- By:
- Waheed Abbas
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Gold prices in Dubai eased slightly at the opening of markets on Tuesday, after hitting a record high on Monday.
At 9am UAE time, the price of 24K gold was slightly down at Dh554.0, 22K at Dh513.0, 21K at Dh491,75, 18K at Dh421.5, and 14K at Dh328.75 per gram.
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On Monday, the price of 24K gold, the purest form of precious metal, jumped Dh12.5 to a record high of Dh555.75 per gram. Similarly, 22K gold prices vaulted Dh11.75 per gram to Dh514.75 per gram on Monday evening. Among the other variants, 21K, 18K, and 14K rose to Dh493.5, Dh423.0, and Dh330.0 per gram, respectively.
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Spot gold was trading at $4,594.34 per ounce at 9.10am UAE time. It crossed $4,600 on Monday and continued to trade around this price on Tuesday morning due to global geopolitical and economic uncertainties.
Rania Gule, senior market analyst for Mena at xs.com, said the market does not view the current rally as a temporary speculative wave, but rather as a structural shift driven by intertwined fundamental factors.
“Gold’s ability to remain close to its peaks despite the absence of strong expansionary monetary stimulus reflects the depth of investor anxiety and confirms that current demand is driven by the search for safety rather than the pursuit of short-term gains. The upward momentum that gold has maintained for a third consecutive day cannot be separated from the highly complex geopolitical landscape,” she said.
Gule added that the US intervention in Venezuela, threats of potential military action against Iran, the intensifying Russia–Ukraine war, and escalating tensions between China and Japan all revive scenarios of broad global instability.
“This environment is creating structural demand for gold as a safe haven, not merely a temporary reaction to events, which explains the market’s ability to hold near record highs rather than entering sharp corrective moves.
“This trend is further reinforced by the gradual erosion of global risk appetite. Investors are not only retreating from high-risk equities and currencies, but are reassessing the global financial system as a whole. From this perspective, I believe gold is benefiting from its status as an asset outside the credit system, unlinked to direct sovereign or political obligations, giving it a relative advantage at times when doubts over the stability of international relations are growing,” added Gule.
