The gold price continues to set new records every day, and on Tuesday morning, coinciding with the reopening of the Dubai markets, the price of 22-carat gold in Dubai was just slightly below 500 dirhams per gram.

According to data from the "Dubai Jewelry Group," the price of 24-carat gold on Tuesday morning rose by 2 dirhams to 538.25 dirhams per gram. Meanwhile, the price of 22-carat gold opened at 498.25 dirhams per gram, with an increase of 1.75 dirhams.

Among other carats, the prices of 21-carat, 18-carat, and 14-carat gold also increased, reaching 477.75 dirhams, 409.5 dirhams, and 319.5 dirhams per gram, respectively. Global gold (spot) was also trading at 4,467.74 dollars per ounce, with a growth of 0.6 percent.

Analysts believe that if geopolitical unrest continues in the Americas, the Middle East, and Europe, gold will maintain its upward trend, and the price of 22-carat gold is likely to surpass 500 dirhams per gram this week.

The main driver of the gold price increase this week has been the U.S. attack on Venezuela and the arrest of the country's president, Nicolás Maduro, on Saturday.

The report states: "Venezuela's vast energy and gold reserves, along with the market's high sensitivity following significant price increases in 2025, increase the likelihood of severe and rapid fluctuations in the main asset classes."

It further states: "At the same time, Trump has issued warnings to the interim leadership of Venezuela, which exacerbates the risk of a crisis transformation not only through domestic policy but also through external pressures and rapid changes in policy positions. For the markets, this combination means an increased likelihood of sudden changes in commercial access, continuity of operations, and the intensity of oversight and regulation in financial and commercial channels."

Source: Gulf Times