Dubai gold rate hits record high amid global price surge
The Dubai gold rate has hit an all-time high of Dh369.50 per gram for 22-karat gold, reflecting a sharp Dh11 increase from the previous day's rate of Dh358.50, according to local market data on Wednesday.
This marks the steepest single-day rise in recent memory, as the global gold price also surged by nearly $60 in the last 24 hours, now trading at $3,267 an ounce and approaching the critical $3,300 level.
'There is no such thing as global commodity prices remaining within a certain range over a day,' said a jewellery retailer. 'A change of $10-$50 on an ounce basis is happening every few hours. This is what's being reflected in the Dubai gold rate too.'
The last time the Dubai rate saw this level of volatility was earlier this month, when on April 3 it crossed Dh350 for the first time. The lowest rate in the last 30 days was Dh335.25 on March 21, indicating a Dh30 increase since then.
'Shoppers have not seen anything like this – usually price increases or drops are in the range of Dh2-Dh3 from overnight positions. This near Dh11 jump is incredible,' the retailer added.
The timing of the spike comes just weeks ahead of the Indian festival of Akshaya Trithiya, observed on April 30 this year, which is traditionally one of the busiest gold-buying occasions in the UAE.
'Sure, there will be Indians buying gold on April 30, 2025 – but we are concerned whether there will be the usual number of shoppers turning up in UAE gold stores this year,' said another jeweller. 'Some have pre-booked to lock prices, but the vast majority were hoping they would get some price break before April 30.'
Gold price movements had remained relatively stable earlier in the week, with only a Dh1 rise recorded between Monday and Tuesday. The sudden surge has sparked uncertainty among both shoppers and traders in the region.
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