Dubai: Gold Price Surges by Dh10 per Gram in 24 hours
Dubai gold prices rise sharply as global rates climb on weaker dollar, US fiscal worries
Gold Prices Climb Sharply in Dubai, Rising Dh10 per Gram Amid Global Market Shifts
Dubai’s gold prices rose by Dh10 per gram over the last day, after a global market rally in which the yellow metal reached a one-week high. The declining value of the US dollar and growing anxiety about the US economy are the main causes of this increasing trend.
At 9 a.m. on Wednesday, the price of 24-karat gold was Dh397.75 per gram, which was Dh1 more than the previous market close of Dh396.5 on Tuesday. This represents a total increase of Dh10 per gram over Tuesday morning, suggesting that the local bullion market is moving strongly.
The 22-karat gold variant also recorded a significant gain, opening at Dh368.5 per gram — Dh1.25 higher from its previous close, and Dh8 higher than the same time the day before. Other purity levels followed the same trajectory: 21-karat was priced at Dh353.25 and 18-karat at Dh302.75 per gram, each reflecting overnight gains.
Internationally, spot gold was trading at $3,300.75 per ounce, up 0.55%, propelled by the softening US dollar, which hit its lowest level since early May. The demand for dollar-denominated goods, such as gold, usually increases when the dollar declines, making them more accessible to overseas consumers.
Concerns about the political and economic situation in the US are fueling the worldwide gold boom. The opposition to US President Donald Trump’s proposal for a significant tax cut package has increased market uncertainty and cast doubt on the nation’s financial health.
Over the medium to long term, analysts anticipate that gold will continue to rise. “Gold could see further upside in the coming weeks,” said Tim Waterer, Chief Market Analyst at KCM Trade. Any improvement in international trade talks, nevertheless, would momentarily halt its growth, particularly if prices are aiming for $3,500.
With economic uncertainty and a volatile dollar influencing global investor sentiment, Dubai’s gold market is responding swiftly, highlighting its close ties to international pricing dynamics.
