Dubai’s gold rate has hit a high of all-time DH369.50 per gram for 22-karat gold, reflecting a sharp increase in DH11 from the previous day DH358.50, according to local market data on Wednesday.
This marks the steepers to increase one day in recent memory, as the global gold price has also increased by almost $ 60 in the last 24 hours, now negotiating at $ 3,267 a ounce and approaching the critical level of $ 3,300.
“There is no such thing as the worldwide prices of basic products that remain in a particular range for a day,” said one jewelry retailer. “Changing $ 10- $ 50 on ounce base happens every few hours.
The last time the percentage of Dubai saw this level of volatility was earlier this month, when the DH350 first crossed April. The lowest percentage in the last 30 days was DH335.25 on March 21, indicating an increase in DH30 since then.
“Buyers have not seen this-usually price increases or drops are in the range of DH2-DH3 from overnight positions. This DH11 jump is incredible,” the retailer added.
Spike’s timetable comes just a few weeks ahead of the Akshaya Trithiya Indian Festival, observed on April 30 of this year, which is traditionally one of the busiest cases of gold in the UAE.
“Certainly, there will be Indians who buy gold on April 30, 2025 – but we are worried if there will be the usual number of buyers who appear in UAE gold stores this year,” another jeweler said. “Some have a pre-trial to lock prices, but the vast majority hoped they would take a price break before April 30.”
Gold prices have remained relatively stable earlier in the week, with only a rise of DH1 recorded between Monday and Tuesday. Sudden increase has caused uncertainty both buyers and traders in the area.
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