Soaring bullion prices drive 24K gold past AED 513 per gram across retail markets in the Emirates.
DUBAI: Retail gold prices across the United Arab Emirates recorded a sharp increase on Thursday, following a broader surge in global bullion markets driven by heightened geopolitical uncertainties and market expectations surrounding central bank monetary policy shifts.
The retail price for 24-karat gold rose to AED 513.75 per gram across local jewellery outlets, marking one of the highest levels recorded in recent trading sessions. Lower karats mirrored the upward trajectory, with 22-karat gold reaching AED 475.75 per gram and 18-karat gold climbing to AED 391 per gram.
The domestic price adjustment reflects immediate shifts in international spot gold values. Global bullion traded higher as institutional investors sought traditional safe-haven assets amid persistent macroeconomic volatility and currency fluctuations against the US dollar, to which the UAE dirham is pegged.
Jewellery trade representatives in Dubai noted that while investment-led demand for gold bars and coins remains steady, retail jewelry purchases have seen a temporary pause as consumers adapt to the elevated price points. Local exchanges update rates multiple times daily based on the spot price of gold set by international markets.
