Gold prices in Dubai edged higher in early trade on February 19, with 24-carat bullion crossing the Dh600 per gram level again after fluctuating earlier this week. Data published by the Dubai Jewellery Group showed 24K gold at Dh600.75 per gram during the morning session.
Other categories also recorded firm pricing. 22K gold was quoted at around Dh556.25 per gram, 21K at Dh533.25, and 18K at approximately Dh457 per gram. Retail rates in Dubai typically adjust in line with international spot prices and currency movements, with intraday fluctuations influenced by global trading conditions.
The recovery above Dh600 follows recent volatility in bullion markets. Earlier sessions saw prices dip below the Dh600 threshold before rebounding as international gold strengthened. Spot gold in global markets was trading near $5,000 per ounce, supported by investor demand for defensive assets.
Market participants have been assessing geopolitical developments and signals from the US Federal Reserve. Minutes from the Fed’s January policy meeting indicated that interest rates were kept unchanged, while officials maintained flexibility on future moves depending on inflation trends. Such uncertainty often influences flows into gold, which is typically viewed as a hedge during periods of macroeconomic and geopolitical risk.
Currency movements have also played a role. The US dollar’s recent performance has contributed to short-term price swings in bullion. Since gold is denominated in dollars, shifts in the currency can affect demand dynamics across markets, including the UAE.
For local buyers, the Dh600 mark has emerged as a reference level in recent weeks. While elevated prices may weigh on jewellery demand in the short term, they also reflect sustained global appetite for bullion as an investment asset.
Dubai remains one of the region’s most active gold trading hubs, with pricing closely tracking international benchmarks. As global cues continue to drive market direction, local gold rates are likely to remain sensitive to movements in spot prices, currency trends, and broader economic developments.
