UAE: Gold prices soar to record high after US attack on Venezuela

[Editor's Note: Want to know the latest gold prices in Dubai? Click here]

Gold prices jumped at the opening of the markets in Dubai on Monday as investors rushed to safe-haven assets following the US strikes on Venezuela.

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On Monday morning, the price of 24K gold was trading at an all-time high of Dh530.5 per gram, while the 22K gold price stood at Dh491.25 per gram. Similarly, 21K, 18K and 14K gold prices were trading at Dh471, Dh403.75 and Dh315.0 per gram, respectively.

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Spot gold was trading at $4,408.65 per ounce, up 1.76 per cent at 9.25 am UAE time.

The gold market is opening for the first time following the US attack on Venezuela.

Investors were nervous following the Venezuela crisis as a new geopolitical crisis was unleashed by the US attack on Venezuela, which led to the arrest of its president, Nicolas Maduro.

President Donald Trump said the US is running the South American country following the arrest of its president.

The geopolitical tensions have already been a key factor influencing the gold prices over the past couple of years. With a fresh surge in geopolitical risk after the US capture of the Venezuelan president, it is expected that gold prices will continue to scale new highs.

The precious metal has been hitting record highs multiple times in 2025 due to geopolitical tensions in the Middle East and Europe, interest rate cuts by the US Federal Reserve and increased buying by the central banks.

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.