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Sat, Jan 17, 2026 | Rajab 28, 1447 | Fajr 05:45 | DXB 
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Dubai: Gold prices rise above Dh400 per gram, hit new all-time high
'Gold and other precious metals are politically neutral; they're recognised everywhere and aren't tied to any one country’s credit rating', said a financial institution
Gold prices jumped to over Dh400 per gram in Dubai, hitting a new all-time high, as precious metal rose above $3,340 per ounce globally.
In Dubai, 24K reached Dh402.75 per gram while 22K, 21K and 18K touched Dh372.75, Dh357.5 and Dh306.5 per gram, respectively.
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Globally, spot gold was trading at $3,342.22 per ounce, up 3.72 per cent due to the tariff war and weakness of the US dollar.
Saxo Bank said in the past two years, underlying demand from central banks combined with the Federal Reserve cutting rates, increased focus on rising government debt piles, and governments employing sanctions, export controls, tariffs, and investment restrictions have all added to gold’s appeal. The yellow metal was also recently given additional support from the risk of recession and inflation driven by US trade tariffs against friends and foes.
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“In this context, it's worth keeping in mind that, unlike sovereign bonds — which can get tangled up in politics — or currencies, which shift with trade ties and alliances, gold and other precious metals are politically neutral. They're recognised everywhere and aren't tied to any one country’s credit rating. That’s a big part of why investors — whether private, institutional, or central banks — keep turning to gold, even at these record levels,” it said.
Many investors are also turning to other countries due to the weakness of the US dollar.
Samira Farzad, head of business development at HF Quarters, said current developments have led hedge funds and asset managers to shift their positions and increase their exposure to the Japanese yen.
“Leveraged funds hold their most bullish yen positions since early 2021, while asset managers have pushed long positions to the highest level on record. This shift in sentiment comes as US tariffs raise concerns over global economic stability. Heightened tensions between the US and China continue to reinforce the yen’s appeal as a defensive asset. In this environment, the yen remains well-positioned to benefit from risk aversion,” she said.
Waheed Abbas
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.
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