The price of 24-karat gold in Dubai rose by more than Dh6 on Friday morning, climbing from Thursday's close of Dh497.75 to Dh504 per gram. Other karats moved in step: 22-karat gold reached Dh466.75, 21-karat Dh447.50, and 18-karat Dh383.50 per gram.
The rise tracked a global uptick, with spot gold gaining 1.44 per cent to trade at $4,191 an ounce. Analysts attributed the move to a weaker US dollar and easing Treasury yields, conditions that typically boost gold's appeal as a safe-haven asset.
The price jump lands squarely in the UAE's peak jewellery shopping season, as households prepare for Navratri, Dhanteras and Diwali. Some Indian expatriate families had already brought forward their festive jewellery purchases in recent days, when prices had briefly dipped below the Dh500 mark, to lock in the lower rate before the rebound.
Ole Hansen, an analyst at Saxo Bank, said longer-term investors continue to accumulate gold, a pattern tied to persistent concerns over government debt and fiscal positions among major economies, even as short-term traders have trimmed their exposure amid broader macroeconomic uncertainty.