Dubai: Gold hits record high as 22K price jumps to Dh439.5

New week, new high. Gold prices opened at another new record high in Dubai, with 22K rising to Dh439.50 per gram on Monday morning.

In the UAE, 24K jumped Dh6 per gram to Dh474.5 per gram at the opening of the markets on Monday, while 22K shot up to Dh439.5 per gram, up Dh5.75 per gram.

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Among the other variants, 21K and 18K opened at Dh421.25 and Dh361.25 per gram, respectively.

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In Dubai, 24K has risen by Dh158.25 while 22K is up by Dh146.5 per gram so far this year.

Due to the rising gold prices, demand for smaller-sized ornaments is rising in Dubai. But some investors continue to invest in the precious metal, hoping this rally will continue in the near future.

Spot gold crossed the $3,900 market in early trade on Monday, trading at $3,939.53 per ounce at 9.15am UAE time, driven by the US government shutdown concerns, growing expectations around additional US Federal Reserve rate cuts, and a drop in the Japanese currency yen.

Global bank HSBC said that the yellow metal could cross $4,000 per ounce in the near term due to geopolitical concerns, fiscal uncertainties, and threats to the Federal Reserve’s independence.

“Rallies can continue into 2026, aided by official sector buying; institutional demand for gold as a diversifier can stay robust,” the London-headquartered bank said in a note.

• Dubai

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.