Gold hits $5,300 as UAE market adjusts to record prices
Dubai is one of the world's major gold hubs, and higher bullion prices impact jewelry-buying habits.
Gold prices climbed to a record high of over $5,300 per troy ounce on Wednesday, extending a rally that is increasingly being felt in the United Arab Emirates, one of the world’s largest gold-trading hubs.
Bullion prices rose more than 2% on Wednesday, following a 3.4% surge a day earlier, with gold trading in the $5,200–$5,300 range.
The rally has pushed local gold prices in the UAE to record levels. By 6:11 p.m. local time in the UAE, 24-karat gold was priced at 634.57 dirhams ($172.79) per gram, up sharply from 611.50 dirhams ($166.51) on Tuesday. The 22-karat rate climbed to 587.53 dirhams ($159.98) from 566.25 dirhams ($154.19) a day earlier.
Why it matters: The UAE is one of the world’s major gold hubs, with Dubai recording more than $129 billion in gold flows in 2024, according to a November report by the Dubai Multi Commodities Centre. The report found that the UAE overtook the United Kingdom to become the world’s second-largest gold hub, trailing only Switzerland.
