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Dubai: Gold prices jump over Dh15 per gram to another record high, could touch Dh600 soon
24K gold prices moved closer to Dh600 per gram as it opened higher by Dh15.75 to Dh586.25 per gram
- PUBLISHED: Wed 21 Jan 2026, 9:38 AM
Gold prices in Dubai saw a massive jump of over Dh15 per gram at the opening of the markets on Wednesday, hitting a record high for the third consecutive day due to geopolitical conflicts and tariff war concerns.
The 24K gold prices moved closer to Dh600 per gram as it opened higher by Dh15.75 to Dh586.25 per gram. Similarly, 22K gold price rose to Dh542.75 per gram, 21K to 520.5, 18K to Dh446.25 and 14K to Dh348.0 per gram.
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If the momentum in the rally continues due to global concerns, the prices could reach Dh600 per gram in Dubai soon, as some of the analysts have predicted precious metal hitting $5,000 in the first quarter.
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Globally, gold surpassed the $4,800 milestone for the first time, trading at $4,869.7 per ounce, up 2.28 per cent at 9.15 am UAE time, as the US and European Union sparred over Greenland.
Ole Hansen, Head of Commodity Strategy, Saxo Bank, said the renewed US–Europe standoff over Greenland has acted as a fresh catalyst for demand for gold and silver, reinforcing an already powerful hard-asset narrative.
“Importantly, the rally in precious metals did not begin with this dispute, and it is unlikely to end with it. Instead, the Greenland episode has poured fresh fuel on a rally that has been building for months, driven by a macro and geopolitical backdrop that has become increasingly uncomfortable for investors reliant on financial assets alone,” he said.
Hansen added that traditional safe havens are showing cracks as the dollar, the yen, and US Treasuries have all struggled to provide the usual ballast as long-end yields rise on credibility rather than growth concerns.
