After breaking through the $4,600 psychological barrier, gold prices surged to a record high in Dubai and around the world, rising Dh12.5 per gram until Monday evening. Global geopolitical and economic unpredictability, predictions of a US Federal Reserve interest rate cut, and growing worries about the Fed’s independence all contributed to the gold rise.
The purest kind of precious metal, 24K gold, increased in value from Dh12.5 to Dh555.75 per gram in Dubai. Similarly, on Monday night, the price of 22K gold surged from Dh11.75 to Dh514.75 per gram. The other variations increased to Dh493.5, Dh423.0, and Dh330.0 per gram, respectively, for 21K, 18K, and 14K.
Customers are gravitating toward lightweight jewelry and diamond-studded accessories amid rising gold prices in Dubai and the United Arab Emirates. Additionally, industry sources claim that because of the investment component, gold jewelry is losing more luster than coins and bars.
According to Vijay Valecha, chief investment officer at Century Financial, rising geopolitical tensions and concerns about the Federal Reserve’s independence fueled demand for safe-haven assets, which in turn drove gold’s exponential surge.
Central bank credibility concerns have been exacerbated by ongoing unrest in Iran, renewed US military pressure on Venezuela, and uncertainty surrounding the Fed following Chair Jerome Powell’s allegation that the Trump administration threatened him with criminal action over Congressional testimony,” he stated.
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