Gold prices surged on Friday, reaching a fresh record above $4,950 globally and approaching Dh600 per gram in Dubai.
24K gold rose to Dh597 per gram on Friday morning, marking a Dh19.25 increase over the previous 24 hours.
Similarly, 22K opened Dh18 higher at Dh553, while 21K, 18K, and 14K were trading at Dh530.25, Dh454.5, and Dh354.5 per gram, respectively.
This marks the fourth record high for gold in Dubai this week.
On the international market, gold traded at $4,966.85 per ounce, up 1.17 per cent.
Kyle Rodda, senior market analyst at Capital.com, noted that confidence in the US and its assets has been shaken, potentially permanently, prompting investors to turn to precious metals. “The term rupture has been used, and I don’t think that’s an exaggeration,” he said.
Rania Gule, senior market analyst at xs.com, said the rally reflects growing investor confidence in gold as a strategic asset, even as traditional safe-haven demand declines.
She added, “The improvement in global risk appetite, following US President Donald Trump’s retreat from tariff threats and reduced geopolitical tensions, has applied some pressure on gold prices.
However, this effect is weaker than seen historically, suggesting investors are cautious about overvaluing positive news amid slowing global growth, high debt levels, and uncertainties around the recovery’s sustainability.”
