Dubai: Gold shoppers in the UAE are facing record-high prices this weekend, with the 22K gold rate hitting Dh383.5 per gram and 24K reaching Dh414, the highest ever seen in Dubai's retail market.
The surge follows heightened geopolitical tensions after Israeli airstrikes on Iranian facilities early Friday. As the conflict escalates, investors are turning to gold as a safe haven, pushing prices sharply higher both locally and globally.
According to market analysts, the earlier forecast that gold prices could reach Dh400 per gram by late 2025 may now become a reality much sooner. Several retailers say the psychological threshold of Dh400 for 22K gold could be crossed in the coming weeks.
“My forecast is for global gold prices to reach $3,800 an ounce from the current $3,400+ levels,” said Anil Dhanak, Managing Director of Kanz Jewels.
Trading activity is expected to slow during the weekend due to high prices. However, some buyers still see the current rates as an opportunity to buy before further increases.
Over the past two months, Dubai’s gold rate hovered between Dh365 and Dh375, before jumping past Dh382 on Friday. Now at Dh383.5, it's the steepest retail rate seen to date.
Traders warn that continued conflict could keep prices volatile in the coming weeks. “Volatility is the only certainty,” said Muhammad Aslam of Zaye Capital Markets. “Gold and oil are your hedges, equities are a minefield.”
The situation is being closely watched by investors, shoppers, and retailers alike, with new price adjustments expected by early Monday.
