Dubai: 24K close to Dh600 as gold prices hit record high 4th time this week

Gold prices surged to a new record on Friday, exceeding $4,950 globally and nearing Dh600 per gram in Dubai.

The 24K gold price rose to Dh597 on Friday morning, increasing by Dh19.25 per gram over the past 24 hours.

Similarly, 22K opened at Dh18 higher at Dh553, while 21K, 18K, and 14K traded at Dh530.25, Dh454.5, and Dh354.5 per gram, respectively.

Globally, gold was trading at $4,966.85 per ounce, up 1.17 percent.

Kyle Rodda, a senior market analyst at Capital.com, said faith in the US and ‌its assets has been shaken, maybe permanently, and this is driving ​money into precious metals. “So the word ‘rupture’ has been thrown around. I don't think that's an exaggeration."

Rania Gule, senior market analyst at xs.com, said the gold rally reflects a growing conviction among investors that the yellow metal has become a strategic asset to be bought on dips, even amid a decline in traditional safe-haven demand.

“It is important to note that the improvement in global risk appetite, following US President Donald Trump’s retreat from tariff threats and the exclusion of geopolitical escalation scenarios, has exerted clear pressure on gold prices. However, this pressure has been weaker than expected in similar situations historically. This suggests that investors have become more cautious about overpricing positive news, particularly in a global economy still grappling with slowing growth, elevated debt levels, and uncertainty over the sustainability of the recovery,” she said.