UAE gold prices hit new high, up over Dh2 per gram
Global jewellery demand drops 11% despite high prices
DUBAI: Gold prices in the United Arab Emirates (UAE) surged past Dh2 per gram at the opening of markets on Monday, reaching record highs amid strong global demand.
At 9AM UAE time, 24K gold was priced at Dh347 per gram, up from Dh344.75 over the weekend.
Other variants also saw an increase, with 22K at Dh322.75, 21K at Dh309.5, and 18K at Dh265.25 per gram.
Global market trends
Internationally, gold traded at $2,878.59 per ounce, marking a 0.58 per cent increase. The rise comes amid economic uncertainty, US tariff concerns, and ongoing geopolitical tensions.
Despite high prices, global jewellery consumption declined 11 percent year-on-year to 1,877 tonnes, as per the World Gold Council.
Central banks buy big
For the third consecutive year, central banks purchased over 1,000 tonnes of gold, with 2024’s total hitting 1,045 tonnes. A sharp increase in the fourth quarter alone saw 333 tonnes added to reserves.
Investment demand rises
Global investment in gold soared 25 per cent year-on-year to 1,180 tonnes, a four-year high. Gold ETFs saw two consecutive quarters of inflows, adding 19 tonnes in Q4 2024. Meanwhile, total gold supply grew one per cent, reaching a record 4,794 tonnes.