Dubai: Gold prices in Dubai climbed to a new record on Tuesday as renewed global demand and safe-haven buying pushed bullion higher.
24K gold reached Dh525.25 per gram, while 22K traded at Dh486, marking another all-time high after last week’s brief correction. In India, 24K gold touched ₹13,069 per gram, reflecting the same upward momentum.
The surge comes amid global uncertainty, with traders expecting U.S. interest-rate cuts, ongoing central bank buying, and steady ETF inflows. Spot gold moved above $4,200 per ounce, and some analysts, including those at HSBC, predict prices could reach $5,000 an ounce by 2026.
In the Gulf region, the rally is changing consumer behavior. Retail buyers are shifting to lighter jewellery and alternative investments as high prices limit large-ticket purchases.
Analysts say technical indicators suggest caution, noting that the rally, which began in August, may be overextended. Still, with persistent geopolitical risks and global economic uncertainty, gold remains the preferred hedge for investors and households alike.
