Gold prices in the UAE surged to a historic high on Wednesday, with 24-carat gold reaching 558 dirhams per gram in the Dubai market. The surge mirrors global trends, where gold prices hit a record $4,637 per ounce, and silver crossed $91 for the first time.
Analysts attribute the rally to expectations of U.S. interest rate cuts, geopolitical tensions, and a weaker dollar, which have driven investors toward safe-haven assets. Despite gold being relatively cheaper in the UAE compared to India, the sharp increase has raised concerns among local consumers, including expatriate communities. Economists suggest prices may continue to climb.
