Gold prices in Dubai reached a record high on Tuesday, surpassing AED 500 per gram for the first time.
According to data from the Dubai Jewellery Group, the price of 24K gold rose to AED 502.50 per gram, up from AED 493.25 on Monday. Meanwhile, 22K gold increased by AED 8.5, reaching AED 465.25 per gram.
Market experts say the surge reflects strong local demand and the impact of global and regional economic factors.
On the global market, gold traded at $4,105.66 per ounce, slightly down by 0.17%, after earlier touching a record high of $4,179.6 per ounce.
Analysts note that breaking the $4,000 per ounce barrier marks a significant milestone in the precious metals market.
They attribute the rally to factors such as slower U.S. economic growth, lower interest rates, a weaker dollar, concerns over Federal Reserve independence, and the potential U.S. government shutdown.
These fundamentals continue to support gold and silver, making gold investment increasingly attractive in Dubai.
