Dubai gold price hits record high as 22K surges to Dh366.5 per gram
Surging rates impact Akshaya Trithiya shopping expectations
DUBAI: The Dubai gold market witnessed another unprecedented rise on Wednesday as the price of 22K gold reached Dh366.5 per gram, marking a new all-time high.
This jump comes just days after the rate crossed the Dh350 mark for the first time on April 3, and reflects a significant escalation of nearly Dh30 since March 21, when prices stood at Dh335.25.
The surge is attributed to heightened global tensions, safe-haven demand, and a volatile international commodities market.
Dubai gold price
Within the past 24 hours alone, Dubai’s 22K gold rate has leapt by Dh6.75 – from Dh358.5 to Dh365.25 – before touching Dh366.5 at the market opening on Wednesday. Such movement represents one of the most aggressive single-day increases in recent months, as price shifts of Dh1-Dh2 per day have typically been the norm in the UAE’s retail gold sector.
The steep rise mirrors global gold market trends, where prices have climbed to $3,287.63 per ounce – up 2 per cent – amid rising international uncertainties.
24K gold has also shown a steep rise, opening at Dh395.75 per gram, up from Dh389 earlier in the week. Meanwhile, other variants such as 21K and 18K recorded prices of Dh351.5 and Dh301.25, respectively, reinforcing the across-the-board upward momentum.
Global trade pressures
Analysts attribute this rally to escalating trade tensions between the US and China. Following President Donald Trump’s implementation of tariffs up to 145 per cent on Chinese goods, China swiftly retaliated with 125 per cent tariffs on American imports. The sharp policy reversals and ongoing trade war have eroded investor confidence, pushing demand for safe-haven assets like gold. The US dollar’s weakening further supports the global gold price upswing, driving the commodity closer to the $3,300 mark.
The inconsistent nature of trade policies has added to market unpredictability. While early exemptions on electronics and hints at automotive sector exclusions offered brief market optimism, renewed tensions have quickly overshadowed those developments. As uncertainty deepens, gold continues to be viewed as a more stable asset, encouraging investors and buyers to turn toward it despite soaring prices.
Akshaya Trithiya
In the UAE, the timing of the surge is especially critical as it precedes the Indian festival of Akshaya Trithiya, celebrated this year on April 30. Traditionally regarded as one of the most auspicious occasions to purchase gold, it is a major driver of retail gold activity in the Emirates. While some shoppers have already locked in prices through advance bookings, the unexpected hike is causing concern among retailers who fear reduced footfall and spending during what is usually a gold sales bonanza.
As global uncertainties continue to weigh on investor sentiment, all eyes remain fixed on whether Dubai gold prices will soon breach the Dh370 mark – or even challenge Dh400 in the weeks ahead.