Dubai Gold Prices Soar to Historic Highs: What It Means for Buyers and Traders

• 24-carat gold in Dubai hit a record 632 dirhams per gram on January 28, 2026, marking its highest rate ever.
• Gold prices surged by 111 dirhams per gram in just 30 days, a nearly 20% increase, making it one of Dubai's fastest and largest retail gold market surges.
• The global gold price exceeded $5,100 per ounce, driven by geopolitical tensions, a weakening US dollar, central bank purchases, and increased demand for safe-haven assets.
• This surge has led to higher costs for gold buyers and traders, with small jewelers reporting fewer customers due to inflation.
• Conversely, existing gold owners have seen a significant increase in their wealth due to the price hike.

Why It Matters: Dubai gold prices reached an unprecedented high, impacting buyers and traders while benefiting existing owners.