Dubai: Gold prices in Dubai continued their upward trend on Monday, September 1, with 24-carat gold reaching Dirham 418.75 per gram, according to the latest data from the Dubai Gold & Jewellery Group.
The price increase represents a 0.75 percent rise from the previous day’s close of Dh 415.50 per gram on August 31, which also marked the end of a strong month for the local gold market.
Other gold prices on September 1:
- 22-carat gold: Dh 386.75 per gram
- 21-carat gold: Dh 370.00 per gram
- 18-carat gold: Dh 317.25 per gram
Dubai gold market finishes August strong
Gold prices in Dubai recorded consistent growth throughout August. 24-carat gold rose from Dh 403.75 per gram on August 1 to Dh 415.50 per gram on August 31, reflecting a steady increase in demand.
Other purities followed suit with monthly gains:
- 22-carat gold climbed from Dh 374.00 per gram to Dh 387.75 per gram
- 21-carat gold rose from Dh 358.25 per gram to Dh 371.75 per gram
- 18-carat gold increased from Dh 307.25 per gram to Dh 318.75 per gram
These price movements highlight growing interest among both investors and jewellery buyers in the United Arab Emirates (UAE).
Global factors behind the rise
The surge in local gold prices mirrors international market trends. As of the latest data, spot gold was trading at USD 3,477.08 per ounce, up 0.84 percent, supported by,
- Global economic uncertainty
- Inflationary concerns
- A weakening US dollar
- Renewed investor demand for safe-haven assets
These factors continue to impact regional markets, including Dubai, where gold remains both a cultural asset and a financial hedge.
Jewellers expect festive and wedding season demand boost
Despite high prices, gold demand in Dubai’s retail sector remains resilient. Buyers — especially from the Indian expatriate community — are preparing for upcoming celebrations and considering current levels as a buying opportunity.
Jewellers across the UAE are optimistic about the Indian festival season, including Onam, Diwali, and Dhanteras, followed closely by the wedding season. These occasions traditionally lead to higher gold consumption, particularly for 22- and 24-carat jewellery.
