Picture for illustrative purposes only. ARCHIVE

Gold prices in Dubai surged past the Dh400-per-gram mark on Thursday (April 17), reaching a new all-time high amid global economic concerns and a weakening US dollar. As of 8:30am, the price of 24K gold rose to Dh402.75 per gram, while 22K stood at Dh372.75, 21K at Dh357.50, and 18K at Dh306.50. Globally, spot gold traded at $3,342.22 per ounce—up 3.72 percent. Analysts at Saxo Bank attributed the surge to geopolitical tensions, central bank demand, and reduced confidence in the US dollar due to rising debt and tariff-related uncertainty. “In this context, it's worth keeping in mind that, unlike sovereign bonds — which can get tangled up in politics — or currencies, which shift with trade ties and alliances, gold and other precious metals are politically neutral,” Saxo Bank noted. “That’s why investors—whether private, institutional, or central banks—keep turning to gold, even at these record levels.” With inflationary pressures and recession fears mounting, many investors view gold as a safe-haven asset, further boosting its demand. ICA/Expat Media
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