Dubai Gold Price Nears All-Time High, Just Dh1 Away
Dubai: Gold prices in Dubai have surged significantly this week, with the cost of 22K gold reaching Dh382.75 per gram—only Dh1 shy of the all-time high recorded in June.
This increase, which marks a rise of nearly Dh3 per gram, comes at a critical time as the south Indian festival of Onam approaches in early September.
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Local jewellers are expressing concern over the potential impact on demand during this festive season. A gold retailer noted that forecasts had predicted prices around Dh370, with hopes they might dip to Dh365-Dh366. “We never anticipated a return to Dh380-plus levels,” the retailer commented.
In the broader market, global gold prices also experienced a boost, closing the week up by 30to30 to 30to3,447 an ounce.
This rise is attributed to increased investor interest ahead of a potential interest rate cut in the U.S. in mid-September, as such cuts typically support gold prices.
Market uncertainty looms as a recent U.S. court ruling deemed President Trump’s reciprocal tariffs illegal, which may lead to further volatility.
Historically, during periods of market turmoil, gold is considered a safe-haven asset, prompting increased investment.
Jewellers are hopeful that global prices will stabilize by late October, coinciding with major festivals like Diwali and Dhanteras, which are crucial for sales recovery after a challenging year.
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