Gold Surges Past Dh600 in Dubai as Geopolitical Jitters Drive Safe-Haven Demand

24K trades at Dh600.75 per gram, up Dh6 from yesterday’s opening, as spot gold approaches $5,000 per ounce

DUBAI – 19 February 2026 – Gold prices in Dubai have breached the Dh600 per gram milestone, extending gains as geopolitical tensions drive investors toward safe-haven assets, though a strengthening US dollar has tempered the rally.

Dubai Jewellery Group data showed 24K gold trading at Dh600.75 per gram on Thursday morning, marking an increase of more than Dh6 from yesterday’s opening rate. Other variants followed suit, with 22K, 21K, 18K and 14K selling at Dh556.25, Dh533.25, Dh457.0 and Dh356.5 per gram respectively.

The yellow metal surged over two per cent on Wednesday evening amid escalating geopolitical jitters, but momentum slowed as the US dollar strengthened to near one-week highs, making greenback-priced bullion more expensive for holders of other currencies.

$5,000 in Sight

Spot gold was trading at $4,995 per ounce at 9.40am UAE time, up 0.14 per cent, hovering just shy of the psychologically significant $5,000 threshold.

The price action comes against a backdrop of cautious signals from the US Federal Reserve. January meeting minutes revealed policymakers were in near-unanimous agreement to keep interest rates on hold, but remained divided on future direction. “Several” officials left the door open to rate hikes if inflation remains elevated, while others supported further cuts should inflation recede.

Market Analysis

Christopher Wong, a strategist at OCBC, characterised the current market as “gold in a consolidation mood, reflective of thin liquidity conditions during the Asia holiday period rather than a shift in fundamentals.”

Traders will be watching for any escalation in geopolitical tensions or shifts in US monetary policy that could provide the catalyst for gold to finally breach the $5,000 mark.