Gold prices in the UAE have reached record highs. 24-karat gold costs AED483 per gram, just AED17 short of AED500. Global gold prices have also crossed $4,000 per ounce, indicating strong global demand.
Gold rates have surged 40 times this year, showing a strong and steady rally. Analysts say the rally began after a slow period earlier in the year, and prices have grown over 16% since September. Pullbacks have been small and short, as investors quickly buy whenever prices dip.
Market players are investing their money into gold-backed ETFs. In September alone, global investment in gold ETFs reached $17.3 billion, the highest ever. A weaker US dollar has also made gold more attractive. Global tensions and uncertainty are pushing investors to buy gold as a safe option.
The UAE market also shows the same trend. 22-karat gold is now priced at AED 447 per gram. Jewellery stores in Dubai’s Gold Souk and other cities report steady sales. People are purchasing coins, small bars, and light jewellery, joining the rally without spending too much.
Experts say gold is now more than a hedge against inflation. Even the slightest drop in prices is considered an opportunity to accumulate the yellow metal. This means that gold prices in the UAE are likely to remain high until global tensions are resolved and hyperinflation strengthens the US dollar.
October could be a challenging month for stock markets, which may prompt more investors to opt for gold. Central banks are also buying gold, adding to the demand.
24K gold in the UAE has currently reached approximately AED 500 per gram. Strong demand, global market support, and continuous purchases are some of the important factors that are maintaining the rally. Shoppers and investors continue to show interest, proving that gold is still a safe and valuable choice in the Emirates.
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