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Dubai: Gold prices hit new record high on second consecutive day; 21K crosses Dh500
Expert says a $5,000 per ounce price is a logical medium-term target
- PUBLISHED: Tue 20 Jan 2026, 10:21 AM
- By:
- Waheed Abbas
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Gold prices set a new record high for the second consecutive day on Tuesday as 21K also crossed Dh500 per gram for the first time ever in Dubai and $4,700 globally.
On Tuesday, 21K became the third variant of the precious metal to surpass Dh500 per gram in Dubai, following 24K and 22K, which had earlier reached this milestone, at Dh502.5 per gram.
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The 24K gold price was trading at a record high of Dh566 per gram on Tuesday morning, up from Dh3.75 per gram, while the 22K gold price reached an all-time high of Dh524.0 per gram, up Dh3.25. Similarly, 18K and 14K gold were trading at Dh430.75 and Dh336 per gram, respectively.
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Ahmad Assiri, research strategist at Pepperstone, said renewed threats by the US president to impose tariffs of 10 per cent on Europe, with the possibility of raising them to 25 per cent at a later stage, have brought the global trade tensions to the forefront, but this time within a broader geopolitical context that goes beyond the trade balance to touch on issues of pure influence.
“On the European side, France seems the most hardline voice, with calls to consider the use of the EU’s Anti-Coercion Instrument as Brussels prepares to reactivate a list of retaliatory tariffs worth around €93 billion on US goods. Precious metals stand out as the biggest beneficiaries of rising geopolitical uncertainty and the return of political risks. Gold in particular continues to move within an upward trend, hovering around the $4,700 per ounce threshold, supported by a mix of increasing hedging demand, declining risk appetite in equity markets and macro factors most notably monetary expectations and a weaker dollar over the medium term,” added Assiri.
$5,000 in sight now
Globally, spot gold was trading at $4,714.34 per ounce, up 0.77 per cent at 10 am UAE time.
He added that a $5,000 per ounce price does not appear to be an overly optimistic scenario, but rather a logical medium-term target, roughly 7 per cent away and firmly on the table, especially if the language of playing cards persists or expands geographically or politically.
“Precious metals are expected to remain the clearest expression of the prevailing defensive mood in markets until a negotiation path becomes clearer. The broader picture does not necessarily point to broad-based sell-offs similar to episodes seen last year, but rather to an extended phase of political push and pull, in which gold stands as the most prominent near-term winner from rising uncertainty,” he added.
