Kamal Ghorui
The “City of Gold” has officially entered uncharted territory. On Wednesday, January 28, 2026, Dubai gold prices shattered all previous records, with 24-karat gold soaring to a staggering Dh632 per gram. This historic peak follows a relentless rally that has seen the precious metal gain more than Dh111 per gram since the beginning of the month.To put this explosive growth into perspective, gold was trading at just Dh520 on New Year’s Day; in less than 30 days, the market has witnessed a near 20% increase, marking one of the steepest and fastest price climbs in the history of the UAE retail market.
Gold prices in Dubai
The surge isn’t just limited to gold. The entire precious metals sector in Dubai is seeing significant movement as investors look for alternatives to traditional stocks and currencies. Below are the retail rates for today:
| Metal Type / Purity | Price per Gram (AED) | Monthly Trend |
| 24K Gold (Pure) | Dh632.00 | Up Dh111 |
| 22K Gold | Dh585.25 | Up Dh103 |
| 21K Gold | Dh561.25 | Up Dh99 |
| 18K Gold | Dh481.00 | Up Dh85 |
| Silver | Dh15.05 | Up 15% |
| Platinum | Dh315.50 | Volatile |
Global forces behind the rally
Gold’s strong performance in Dubai is part of a wider global trend. According to recent financial news, gold prices surged past $5,100 per ounce not long ago, marking some of the highest levels seen in decades. Analysts attribute this rise to multiple macroeconomic pressures, including geopolitical tensions, dollar weakness, and central bank buying, all of which tend to boost gold’s appeal as a store of value.These global dynamics have translated directly into Dubai’s retail gold market. Traders and bullion buyers have responded to safe‑haven demand, with prices rising sharply even when broader markets experience volatility. In some instances, gold’s year‑to‑date gains have exceeded 60%, making it one of the standout performing assets globally.
What lies ahead?
As the market digests this record, analysts are divided on whether the rally has reached its ceiling. While some warn that gold is now in “overbought” territory and due for a slight correction, others point to the fact that international spot prices have already crossed the $5,200 per ounce mark. If the current geopolitical instability continues, experts believe the Dh650 per gram milestone is not just possible, it may be inevitable by the end of the first quarter. For now, Dubai remains the global focal point for gold, proving that even at record prices, its allure as a safe haven is stronger than ever.
