Dubai: Gold prices rise above Dh400, shoppers shift to cheaper variants

Gold prices bounced back above Dh400 per gram again on Tuesday as rates jumped above $3,300 per ounce globally due to uncertainty around tariffs and a weaker dollar.

The Dubai Jewellery Group data showed 24K trading at Dh400.25 per gram while 22K, 21K and 18K were trading at Dh370.75, Dh355.5 and Dh304.75 per gram, respectively.

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According to gold jewellers in Dubai, the volatility in precious metal prices influences the purchasing decisions of UAE residents, as higher prices constrain their budgets, forcing them to shift to smaller variants of 18K due to affordability concerns.

This becomes even more important when many residents travel to their homes and spend a handsome amount on buying jewellery for gifts and weddings.

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Spot gold was trading at $3,329.84 per ounce, up 0.99 per cent in early trade. It was trading below $3,300 in the previous day's session.

US President Donald Trump on Monday expressed frustration with US-Japan trade negotiations as US Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs.

“Weaker dollar and concerns about the impact if Trump's tariff deadline is not extended are supporting gold at the moment," said Nicholas Frappell, global head of institutional markets at ABC Refinery.

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.