Dubai, UAE – May 6, 2025 – Gold prices in Dubai have surged close to their highest levels in a month, leaving shoppers cautious and retailers concerned. Over the past 24 hours, rates jumped by Dh15 per gram, with 22K gold now at Dh376.5 and 24K at Dh406.5—just Dh5 shy of the peak seen on April 21 (Dh381.5).

A Dramatic Price Swing

The current spike marks a sharp reversal from last week’s dip, catching many by surprise. Compared to April 7, today’s rates are Dh45.50 higher, a staggering difference that has kept buyers on the sidelines.

“We expected tourist groups to visit the Gold Souq yesterday, but the sudden price hike changed their plans,” said a local jeweler. “This kind of volatility makes it hard for shoppers to know the right time to buy.”

Will Gold Break Another Record?

All eyes are now on the US Federal Reserve’s upcoming decision on interest rates. If hints of future rate cuts emerge, gold prices could ease. However, if uncertainty persists, Dubai’s gold rates may surpass the April 21 peak of Dh381.5—and even challenge the brief high of Dh388 seen that day.

Globally, bullion prices hover around $3,363perounce\ast \ast ,occasionallybreaching\ast \ast$3,370, reflecting heightened market tension.

What This Means for Buyers

With such rapid fluctuations, shoppers are advised to stay updated on market trends before making purchases. For now, Dubai’s gold market remains volatile, leaving both retailers and consumers waiting for the Fed’s next move.

Stay tuned for further updates as the situation develops.