Gold prices in Dubai are projected to surge to Dh550 per gram in the coming months, according to market experts. Despite a recent decline, the precious metal has experienced a remarkable rally this year, with prices soaring over 60% year-to-date. Jewellers and analysts remain optimistic about gold’s long-term prospects, citing strong demand from Asia, central bank purchases, and ongoing geopolitical tensions as key drivers. However, they caution that the market could witness significant fluctuations due to volatile global conditions, including trade wars and geopolitical uncertainties. On October 24, 24K gold was trading at Dh494.75 per gram in Dubai, down from a record high of Dh525 earlier this month. Experts attribute this dip to profit-taking and a temporary easing of geopolitical tensions. Varun Bafna, co-founder of Amari Capital, predicts gold will trade between Dh485 and Dh525 per gram in the next quarter, with a potential rebound to Dh540–Dh550 by early 2026 if US interest rate cuts materialise and global tensions persist. Anuraag Sinha, managing director of Liali Jewellery, notes that gold’s structural support remains intact, particularly as a hedge against inflation and macroeconomic stress. Meanwhile, Vijay Valecha, chief investment officer at Century Financial, warns of potential wild swings in gold prices, driven by heightened market volatility. Despite short-term fluctuations, the long-term outlook for gold remains bullish, supported by robust demand from both central banks and private investors.
Gold prices in Dubai could hit Dh550 per gram; market experts warn of wild swings
