Gold prices hit record high in Dubai as global rates surge past $5,600
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Gold prices soared to record highs in Dubai and international markets on Monday evening, as the precious metal climbed by Dh12.5 per gram, breaching the key $5,600 psychological level globally.
The sharp rally reflects heightened investor demand for safe-haven assets amid growing global geopolitical and economic uncertainty. Market sentiment has also been influenced by expectations of interest rate cuts by the US Federal Reserve, which tend to support non-yielding assets such as gold.
Adding to the momentum are mounting concerns over the perceived independence of the US Federal Reserve, which have unsettled financial markets and pushed investors towards gold as a hedge against policy instability and inflation risks.
In Dubai, the surge translated into a noticeable spike across all gold categories, with retailers reporting strong interest despite higher prices. Analysts say gold’s sustained rally highlights persistent nervousness in global markets, driven by geopolitical tensions, fluctuating currencies, and uncertainty around monetary policy direction.
Market watchers expect gold prices to remain volatile in the near term, closely tracking developments related to central bank decisions, inflation data, and global political risks.
