Gold prices in the UAE are holding steady near record levels, with 24K quoted at around AED 450 per gram, as global momentum continues to drive bullion markets higher. Local traders say steady demand from weddings and festivals is keeping retail interest alive, even as high prices test household budgets.
According to Dubai Gold & Jewellery Group data, 24K traded near AED 450.25, while 22K stood at AED 417.25. The latest figures mark only a marginal pullback from last week’s peak of AED 456, suggesting the rally is consolidating rather than reversing.
Analysts note that the move reflects broader global trends, with bullion climbing above $3,700/oz internationally on expectations of further U.S. Federal Reserve rate cuts, dollar weakness, and continued central bank buying. “Gold remains well-supported in this environment, and any dips are likely to be bought,” said a Dubai-based bullion trader.
For expatriates, particularly those from India, the decision to buy now or wait hinges not only on UAE price levels but also on exchange rate dynamics. Movements in the rupee-dirham rate can tilt the value proposition of purchasing gold locally versus remitting funds home.
Market observers highlight that while short-term corrections are possible, the medium-term outlook remains tilted upward. Strong central-bank demand, geopolitical risks, and tightening supply chains are expected to provide a floor for prices.
Retailers, however, report mixed sentiment. Some buyers are postponing purchases in anticipation of dips, while cultural demand tied to weddings and festivals remains a steady anchor for the market. The balance, traders say, will determine whether gold consolidates at current highs or pushes toward new records in the months ahead.
