Gold prices in Dubai soared to new record highs on Thursday, coinciding with the Indian festival of Diwali, as demand for the precious metal surged. At the opening of markets, 22K gold climbed above AED312 per gram, highlighting the metal’s continued upward trend.
Data from the Dubai Jewellery Group reported that 24K gold rose by one dirham to AED337.25 per gram by 9 a.m. UAE time, up from Wednesday’s close at AED336.25. Other variants followed suit, with 22K trading at AED312.25, 21K at AED302.25, and 18K at AED259 per gram. In the global market, spot gold was priced at $2,783.11 per ounce at 9:10 a.m. UAE time, reflecting strong market sentiment.
The price increase follows Monday’s rally, where gold reached near $2,790 per ounce and December Comex futures broke past the $2,800 mark for the first time, driven by heightened demand and investor interest. As Dubai continues to see gold as a sought-after investment and cultural staple, especially during festive seasons like Diwali, analysts expect further fluctuations based on global economic conditions and ongoing demand.
