Dubai’s precious metals market witnessed a historic surge on Wednesday, January 14, 2026, as gold and silver prices shattered previous records amid escalating global uncertainties and shifting monetary policy expectations. The 24K gold variant climbed dramatically by nearly Dh3 to reach Dh558 per gram during morning trading sessions, while 22K gold followed closely at Dh516.75 per gram. Other gold categories demonstrated parallel upward trajectories, with 21K, 18K and 14K varieties rising to Dh495.5, Dh424.5 and Dh331.25 per gram respectively.
This remarkable rally extended beyond regional markets, with global spot gold achieving an unprecedented $4,637.81 per ounce—representing a one percent increase—while silver prices breached the psychological $90 barrier for the first time in history, ultimately settling at $91.53.
Financial experts attribute this surge to a confluence of geopolitical and economic factors. The ongoing tensions between Iran and the United States have significantly bolstered the appeal of safe-haven assets, while recent US Consumer Price Index data for December, which registered at 2.7 percent, aligned with market expectations regarding inflationary trends.
Vijay Valecha, Chief Investment Officer at Century Financial, identified multiple drivers behind the precious metals rally. ‘Concerns regarding Federal Reserve independence, escalating geopolitical risks, and persistent anticipations of accommodative US monetary policy have collectively fueled this remarkable performance,’ he stated. Valecha further noted that pressure on Federal Reserve Chair Jerome Powell, including reported legal challenges related to congressional testimony, has additionally stimulated gold demand. A weakening US dollar has concurrently enhanced the attractiveness of non-yielding assets like bullion.
From a technical perspective, Valecha indicated that gold faces immediate resistance near the $4,660 threshold, suggesting potential volatility in upcoming trading sessions as markets continue to digest evolving global economic conditions and geopolitical developments.