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Gold prices in Dubai witnessed a sharp rise of Dh4 per gram on Friday, nearing previous record highs as investors flocked to the precious metal amid escalating geopolitical tensions.
The 24K gold variant climbed to Dh412.75 per gram, up from Dh408.75 at Thursday's market close. This marks an impressive increase of over Dh14 per gram in just three days, reflecting growing market uncertainty.
The yellow metal had previously reached an all-time peak of Dh420 per gram earlier this year, driven by global trade uncertainties, a weaker US dollar and ongoing international conflicts.
Other gold variants followed suit with 22K rising to Dh382.25, 21K to Dh366.5 and 18K reaching Dh314.0 per gram respectively - making all categories significantly more expensive for buyers.
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In global markets, spot gold hit $3,415.73 per ounce - a 1.07% increase that pushed prices to their highest level in nearly two months.
The price surge may disrupt UAE residents' plans to purchase gold jewelry ahead of summer vacations when many traditionally buy gifts for family back home.
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