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Dubai gold prices hit a historic high of Dh420 per gram for 24K on April 22, reflecting global gold surges past $3,300 per ounce due to economic uncertainty and inflation. Gold prices in Dubai soared to a historic high on Tuesday (April 22), with 24K gold reaching Dh420 per gram, according to the Dubai Gold & Jewellery Group. This marks an Dh8 jump from Monday’s rate of Dh412 per gram, continuing the upward trend that began when prices breached the Dh400 mark on April 17. Other rates as of Tuesday were Dh388.75 for 22K gold, Dh372.75 for 21K, and Dh319.50 for 18K. The surge in gold prices in Dubai reflects a global trend, as gold recently surpassed the $3,300 per ounce mark for the first time in history, after crossing $3,000 per ounce in March. Economists attribute the price rally to ongoing economic uncertainty, market volatility, and persistent inflation, all of which are pushing investors toward safe-haven assets like gold. "The price of gold is certainly not as low as it was in the past, but it still can be used to provide ample diversification away from traditional asset classes, like stocks and bonds," said Steven Conners, president of Connors Wealth Management. "The price can still go lower on gold, so of course, there are no guarantees. Despite that, I believe gold prices will continue to rise." With capital moving away from riskier assets, analysts say the rally could still have momentum. “Gold tends to benefit in times of uncertainty,” Conners added. “That’s what we’re seeing now.” ICA/Expat Media
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