Dubai's gold market reached a new high on Monday, January 12, 2026. The price of 24K gold crossed Dh550 per gram for the first time. This rise came after global gold prices climbed above $4,600 per ounce. Experts say this surge is due to a "perfect storm" of political drama and economic uncertainty worldwide. The Dubai Jewellery Group confirmed a strong overnight price jump for both investment bars and gold jewelry. Despite these record prices, Dubai gold remains cheaper than many global markets. For example, 10 grams of 24K gold in Dubai costs about ₹6,600 less than in India. This keeps Dubai’s gold markets popular with tourists. Several factors are pushing gold prices up globally: - Investors see gold as a "safe haven" amid geopolitical tensions. - Optimism about US Federal Reserve interest rate cuts makes gold attractive. - A weaker US dollar helps raise gold prices as bullion becomes cheaper for others. - Central banks, especially in emerging markets, are buying more gold reserves. Analysts have mixed views on future prices. Some predict gold could climb to nearly $5,000 per ounce if global uncertainties continue. Others warn prices might stabilize or fall as investors take profits. For now, Dubai’s record gold prices show how world events and investor habits impact this glittering metal. Buyers and investors are watching closely to see where gold will go next.