Dubai’s gold market witnessed unprecedented surges on Monday as investors flocked to safe-haven assets following escalating geopolitical tensions in South America. The precious metal reached historic price levels across all categories, with 24K gold trading at Dh530.5 per gram at market opening – the highest recorded value in UAE history.
The dramatic price movement comes directly after United States military operations in Venezuela that resulted in the capture of President Nicolas Maduro. President Donald Trump subsequently announced American administration of the South American nation, creating immediate global market uncertainty.
Market data at 9:25 AM UAE time showed spot gold climbing to $4,408.65 per ounce, representing a significant 1.76 percent increase. The broader gold market demonstrated consistent gains across varieties: 22K gold reached Dh491.25 per gram, while 21K, 18K and 14K categories traded at Dh471, Dh403.75 and Dh315.0 per gram respectively.
Financial analysts attribute this surge to investors seeking stability amid the new geopolitical crisis. The Venezuela conflict represents the latest in a series of factors driving gold’s remarkable performance throughout 2025, including ongoing Middle Eastern and European tensions, coordinated interest rate reductions by the US Federal Reserve, and substantial central bank acquisitions of bullion.
Market indicators suggest the current geopolitical climate will continue influencing gold prices, with many experts predicting further record-breaking performances in the coming trading sessions as uncertainty persists.