Dubai: On April 22, a new record of AED 429 per gram of gold was set, as the gold price in Dubai has been rising rapidly. The significant increase in the per-gram gold rate is attributed to several global factors, such as political tensions, central banks purchasing more gold, and tariff wars. The appeal of other precious metals has become ordinary, as gold, due to its safe-haven investment, has secured an astonishing global price of $3,500 per ounce.
On the morning of 21 April, the price of the 24K variant of the precious metal rose in Dubai was AED 407.0 per gram, which shifted to AED 409.25 per gram in the afternoon. In the evening, the price further increased to AED 412.0 per gram and set new standards. The sharp rise in the price continued on April 22, as the 24K variant secured AED 420.0 per gram; however, it settled at AED 412.5 per gram in the evening.
In just 24 hours between April 21 and 22, the gold prices increased by around AED 20 per gram. Additionally, the 22K variant prices showed a significant rise as they shifted from AED 376.75 per gram on Monday morning to AED 379.0 and AED 381.5 in the afternoon and evening, respectively, on the same day. In just 24 hours, the 22k variant gained a rise of AED 12 per gram, as it rose to AED 388.75 on Tuesday morning. The last trading price for the 22k variant noted on Tuesday evening, after profit-taking started, was AED 382.25 per gram.
Gold Price in Dubai Hits Record, Outshining Other Metals
Century Financial’s Chief Investment Officer, Vijay Valechar, on rapidly increasing gold prices, said the gold price increase is unstoppable, as it shows no signs of slowing down so far this year. He said that the trading price of the precious metal initially in 2025 was $2,624.50, which has secured a sky-high rise of $3.500.10 trading price, recording a 33.36% year-to-date growth.
He further added that the remarkable escalation in the precious metal’s trading price can be attributed to US President Donald Trump’s newly introduced tariff policies and direct criticism of Jerome Powell, the Federal Reserve chair.
Saxo Bank’s Commodities Strategy Head, Ole Hansen, said the increase in gold price in Dubai is influenced by US economic stability issues, as the US president continues to attack the independence of the Federal Reserve, demanding the removal of Chair Powell and a decrease in rates. He further added that the weak market conditions during the Easter 2025 break made the economic stability issue worse, as the US market plunged and US stocks declined.
Hansen said, until the multiple issues, like tariffs and economic slowdown risks to the FED, are resolved, the surge in yellow metal prices will continue to increase, as traders are losing confidence in the US and Asian investors and buyers are rushing to accumulate more gold. He added that gold’s reputation as a phenomenal safe-haven investment has fueled the growth of the gold price in Dubai, and has left other metals, like silver, looking ordinary.
Gold Price in Dubai Keeps Rising: $3,700 Within Reach
According to the latest research from many reliable financial institutions, the gold revised price was $3,500 per ounce for the entire year; however, this remarkable increase was achieved in just a few weeks. Talking about the gold price forecasts, Vijay Valecha said the prices of gold are revised periodically, showcasing the ongoing growth in the precious metal trading price.
He further said that the consensus estimates revealed that the surge will continue till the end of 2025, and the gold price will secure a sky-high value of $3,700 per ounce and $4,000 by mid-2026. According to reports from the World Gold Council, gold-backed ETFs saw an inflow of 226.5 metric tons, the highest quarterly level since Q1 2022, valued at $21.1 billion. By the end of March, the inflows had risen to 3,445.3 tons, still below the peak of 3,915 tons recorded in October 2020.
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