Gold Prices Shatter Records, Crossing Dh500 in UAE and ₹12,780 in India for the First Time
A weaker US dollar and investor concerns over global trade are fueling the historic surge in the precious metal's value.
DUBAI/MUMBAI: Gold prices reached historic new highs on Tuesday, with the precious metal breaking key records across the globe. In the UAE, the price for 24K gold went above Dh500 per gram for the first time ever. Meanwhile, in India, gold also hit a new milestone, trading at ₹12,780 per gram.
This global surge saw gold touch an all-time high of $4,179.6 per ounce earlier in the day before settling slightly lower at $4,105.66.
In Dubai, markets opened with 24K gold trading at a record Dh502.5 per gram, a significant jump of Dh9.25 from Monday’s closing price, according to the Dubai Jewellery Group. The price of 22K gold also saw a sharp increase, opening at Dh465.25 per gram. Prices later eased slightly during the day.
According to market experts, several factors are driving this record-breaking rally. Christian Gattiker, Head of Research at Julius Baer, explained that investors are turning to gold as a safe investment due to slowing economic growth in the United States, expectations of lower US interest rates, and a weaker US dollar.
As the price of physical gold climbs, it has become challenging for small-scale investors to enter the market. This has led to a growing interest in digital gold, which allows individuals to buy a fraction of the precious metal securely online. Platforms offering this service are seeing increased attention, as they allow people to invest with smaller, more flexible amounts.
For example, apps like the Pure Gold App Bhatkal are enabling users to buy 24K pure gold starting from as little as ₹10. This approach removes the need for physical storage and allows investors to buy or sell 24/7 from their smartphones, making gold ownership more accessible to a wider audience. For those interested in this modern method, the app is available for download. Download App
Concluding his analysis, Mr. Gattiker described it as a “milestone week” for precious metals and believes the overall positive trend for gold will continue, suggesting that while temporary price drops are possible, a major correction is unlikely for now.
