Gold prices in Dubai surged to another all-time high on Tuesday, inching closer to the symbolic AED 500 mark per gram amid growing global demand for safe-haven assets.
According to data from the Dubai Jewellery Group, 24K gold opened at AED 479.25 per gram, up AED 4 from Monday’s closing price of AED 475.25. The rally marks the second consecutive day of record-setting highs.
Other categories also posted gains, with 22K climbing AED 4.75 to AED 443.75 per gram, while 21K and 18K rose to AED 425.50 and AED 364.50 per gram, respectively.
On the global stage, spot gold briefly surpassed $4,397 before trading at around $3,976 per ounce by 9 a.m. UAE time. Analysts attributed the spike to heightened investor caution over a potential U.S. government shutdown and rising expectations of another interest rate cut, prompting a flight toward gold as a safer investment.
