emirates7 - Thinking of buying gold this weekend? UAE residents may want to reconsider, as Dubai gold prices have surged again.
A gram of 22K gold is now priced at Dh374.25, following a sharp Dh5 increase on Friday evening — the highest level since June 23, when prices hit Dh377. “We’re expecting a very quiet weekend at the Dubai Gold Souq,” said a gold retailer. “Shoppers can handle a Dh1-Dh2 hike, but a Dh3-Dh5 jump puts them off. And next week could be even tougher.”
Unlike the price spike in June, which was driven by a weakening US dollar and general economic uncertainty, the latest increase is being fueled by fresh fears over potential US tariffs. President Trump recently floated new tariff rates — 50% for Brazil, 35% for Canada — and hinted at more to come, especially targeting the European Union.
This renewed trade tension has pushed investors toward gold, a traditional safe-haven asset during uncertain times, driving prices higher.
Globally, gold closed the week at $3,355 per ounce, and futures markets are already anticipating further gains, pricing gold at around $3,370.
As the August 1 deadline for finalizing US trade agreements approaches, shoppers should brace for more price swings and continued volatility in the gold market.
A gram of 22K gold is now priced at Dh374.25, following a sharp Dh5 increase on Friday evening — the highest level since June 23, when prices hit Dh377. “We’re expecting a very quiet weekend at the Dubai Gold Souq,” said a gold retailer. “Shoppers can handle a Dh1-Dh2 hike, but a Dh3-Dh5 jump puts them off. And next week could be even tougher.”
Unlike the price spike in June, which was driven by a weakening US dollar and general economic uncertainty, the latest increase is being fueled by fresh fears over potential US tariffs. President Trump recently floated new tariff rates — 50% for Brazil, 35% for Canada — and hinted at more to come, especially targeting the European Union.
This renewed trade tension has pushed investors toward gold, a traditional safe-haven asset during uncertain times, driving prices higher.
Globally, gold closed the week at $3,355 per ounce, and futures markets are already anticipating further gains, pricing gold at around $3,370.
As the August 1 deadline for finalizing US trade agreements approaches, shoppers should brace for more price swings and continued volatility in the gold market.