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 was just slightly below 500 dirhams per gram.

According to data from the "Dubai Jewelers Group," the price of 24-carat gold on Tuesday morning increased by 2 dirhams to reach 538.25 dirhams per gram. Meanwhile, the price of 22-carat gold opened at 498.25 dirhams per gram, up by 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 (spot) gold was also trading at 4,467.74 dollars per ounce, up by 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 cross the 500 dirham mark 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 its president, Nicolás Maduro, on Saturday.

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

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

Source: Gulf Times