Gold prices in Dubai, United Arab Emirates (UAE) hit a record high on Thursday morning, April 17, with 24-carat gold surpassing 400 Dirham per gram for the first time amid global economic uncertainty.
According to the Dubai Jewellery Group, 24-carat gold opened at Dh 402.75 (Rs 9,365.18) per gram. The 22-carat variant was priced at Dh 372.75 (Rs 8,665.43) per gram, while 21-carat and 18-carat were priced at Dh 357.5 (Rs 8,310.91) and Dh 306.5 (Rs 7,125.30) per gram, respectively.
Gold prices had remained stable earlier in the week, rising by just Dh 1 between Monday, April 14, and Tuesday, April 15.
The lowest price since Tuesday, April 1, was Dh 356.25, showing an increase of Dh 47.5 since then.
The price surge comes ahead of the Indian festival of Akshaya Tritiya, on Wednesday, April 30, a key occasion for gold buying in the UAE.
In Saudi Arabia, the prices for 22-carat and 24-carat gold are SR 378 (Rs 8,600.71) and SR 409 (Rs 9,306.06) per gram, respectively.
In global markets, spot gold trading at USD 3,342.22 (Rs 22 2,85,412.47) per ounce, up 3.72 percent due to the tariff war and weakness of the US dollar.
Amid market uncertainty, central banks and institutional investors are increasing their gold purchases as a safe-haven strategy.
