Why Dubai gold prices have crossed Dh630 and what it means for buyers

Gold prices in Dubai climbed to a record high on Wednesday, with 24-karat gold reaching Dh632 per gram, crossing the Dh630 mark for the first time in the UAE’s retail market.

The surge caps a sharp rally through January, during which gold prices have risen by more than Dh111 per gram. On January 1, 24-karat gold was priced at around Dh520 per gram, indicating a near 20% increase within less than a month.

Market participants said the pace and scale of the rise make it one of the fastest monthly increases seen in Dubai’s gold market in recent decades.

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Retail gold and precious metal prices in Dubai

According to retail rates on January 28:

24K gold: Dh632.00 per gram (up Dh111 in January)

22K gold: Dh585.25 per gram (up Dh103)

21K gold: Dh561.25 per gram (up Dh99)

18K gold: Dh481.00 per gram (up Dh85)

Silver: Dh15.05 per gram (up about 15%)

Platinum: Dh315.50 per gram (showing volatility)

Jewellers said higher prices have slowed walk-in purchases but increased investor interest, particularly among buyers seeking to hedge against currency movements and market uncertainty.

Global cues driving the rally

Gains in global gold markets are reflected in an upsurge in Dubai prices. Due to sustained central bank purchases, geopolitical concerns, and a declining US currency, spot gold just surpassed $5,100 per ounce, levels not seen in decades.

Analysts tracking bullion markets said safe-haven demand has remained strong even as equity and currency markets show volatility. In some global markets, gold’s year-to-date gains have exceeded 60%, placing it among the best-performing assets in 2026 so far.

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Outlook remains divided

Market watchers are split on the next phase of the rally. Some analysts caution that gold may be approaching overbought levels and could see short-term corrections. Others note that with international prices nearing $5,200 per ounce, further upside cannot be ruled out.

If geopolitical risks and global economic uncertainty persist, traders say the Dh650 per gram level could come into view by the end of the first quarter.

For now, Dubai continues to sit at the centre of global attention as gold trades at unprecedented levels in the city long known as the “City of Gold”.