Gold in Dubai Sets Monthly Record; 7 Dirham Surge in One Day

The price of gold in Dubai on Monday experienced one of the largest daily surges of the month, with the rate for 24-carat gold reaching 622.50 dirhams per gram.

This increase occurred while the rate on Sunday was 615.25 dirhams; meaning that in just one day, a price increase of more than 7 dirhams was recorded. The price of 22-carat gold also rose from 569.75 to 576.50 dirhams.

An analysis of the trend in February shows that the price of gold has followed a consistent upward path from a low of 564 dirhams at the beginning of the month, increasing by more than 30 dirhams in total. The pace of this growth significantly accelerated from February 17.

In global markets, gold rose by up to 1.4%. The decline in the value of the US dollar following the tariff policies of Donald Trump, the President of the United States, has reinforced this trend; he has announced a plan to impose a global 15% tariff. A ruling by the US Supreme Court that limited emergency tariff-setting powers has also created more trade uncertainties.

Geopolitical tensions, including concerns about US-Iran relations, worries regarding government debts, and currency instability have also contributed to the increased demand for gold as a safe asset.

Given the price of gold in Dubai, which is now near the highest monthly level, buyers in the UAE are faced with the choice of whether to buy now or wait for a potential price drop.

Source: Gulf News