Gold prices in Dubai climbed to historic highs on Monday, with the global market pushing above $3,800 per ounce at the start of the week.
In the UAE, 24K gold rose to a new peak of Dh458.25 per gram, while 22K touched Dh424.25. Meanwhile, 21K traded at Dh407, and 18K at Dh348.75 per gram.
The surge comes on the back of global uncertainty, geopolitical tensions, and expectations of further US interest rate cuts. Market analysts believe that if volatility persists, 24K could reach the Dh500 per gram milestone, while investors remain optimistic about the metal’s strength, projecting gold could hit $4,000 per ounce by 2026.
Spot gold was trading at $3,810.53 per ounce by Monday noon, up 1.5 per cent after briefly touching $3,819 earlier in the day.
According to Dilin Wu, research strategist at Pepperstone, gold’s momentum above $3,800 marks a new record, driven by Federal Reserve rate cut expectations, looming US government shutdown risks, and geopolitical tensions. “Over the past week, bulls have dominated the market, with prices breaking above $3,800 today. Rate cut hopes, Trump’s tariff policies, and ongoing safe-haven demand continue to support gold, while ETF inflows and momentum traders have fueled steady gains,” Wu said.
She added that holding above $3,800 will be key for the next leg upward. “If prices stay firm, $3,900 and even $4,000 this year become more realistic targets. A drop below $3,800 could see support at $3,700, with the next key level at $3,630.”
Despite a midweek dip, Wu noted that buyers quickly returned near $3,700, helping gold finish the week with a 2 per cent gain. “On Monday, the rally continued as bulls broke through $3,800 during intraday trading, showing strong appetite for further upside,” she said.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, echoed the sentiment, stressing that persistent uncertainty is fueling demand. “Gold opened the week above $3,800, while silver extends its exponential rise as investors move away from the dollar and US debt. This rally isn’t just short-term it’s a powerful trend, and trend-followers remain firmly in control,” she explained.
She also highlighted that tariff risks continue to cloud global trade and growth outlooks, reshaping supply chains and deepening economic divides. “While their immediate market impact has softened, the long-term implications remain significant,” Ozkardeskaya said.
With global uncertainty showing no signs of easing, analysts agree that the gold rally is far from over—and the Dh500 per gram mark in Dubai could soon be within reach.
