Dubai: Gold prices in Dubai surged at the start of the week, mirroring strong global gains as investors responded to shifting political and economic developments in the United States.
Local market data shows 24K gold jumping to Dh491.75 per gram, up from last week’s Dh475 range. Meanwhile, 22K gold climbed to Dh455.25, slightly recovering from Thursday’s dip to Dh440.
Retailers say the Dh500-per-gram mark for 24K gold may soon be retested if global bullish momentum holds.
(Check the latest UAE gold prices along with rates in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait, and India.)
Global Gold Prices Spike as U.S. Shutdown Nears End
On the international front, spot gold surged 2.1% to approximately $4,080 an ounce after U.S. lawmakers moved closer to ending the country’s longest-ever government shutdown. The development has reduced uncertainty around the Federal Reserve’s next rate decisions, boosting demand for safe-haven assets.
Why Are Gold Prices Rising Again?
“Ending the U.S. shutdown gives the Federal Reserve access to crucial inflation and employment data, potentially reviving expectations for a December rate cut,” said Ole Hansen, Head of Commodities Strategy at Saxo Bank.
He added that rising U.S. yields driven by fiscal concerns—not economic strength—have historically supported gold prices.
Despite slipping nearly 6% since hitting a record above $4,380 an ounce in mid-October, global gold remains up over 50% in 2025, supported by central bank buying, geopolitical tensions, and a weakening global growth outlook.
A bullion trader at Deira Gold Souq said Dubai’s gold prices will continue tracking global market moves:
“If bullion holds above $4,000 an ounce, Dubai’s 24K gold crossing Dh500 is highly likely.”
Will Gold Prices Rise Further?
“Market sentiment is tied closely to U.S. government shutdown negotiations, which are influencing short-term risk behavior,” said Mohanad Yakout, Senior Markets Analyst at Scope Markets.
He added that delays in key U.S. economic data have further muddied the global outlook, keeping volatility high across major asset classes. “Investors appear to be positioning cautiously, favoring gold as a store of value amid uncertain macro signals,” he said.
United Arab Emirates Dirham Exchange Rate
