Gold prices opened strongly on Wednesday, September 3, in Dubai and Saudi Arabia, sustaining recent record highs amid rising anticipation of a Federal Reserve interest rate cut and ongoing global economic uncertainty.
According to the Dubai Jewellery Group, 24-carat gold commenced trading at Dirham 426.25 per gram. The price for 22-carat gold was recorded at Dh 394.75 per gram, while 21-carat and 18-carat gold stood at Dh 378.50 and Dh 324.50 per gram, respectively.
In Saudi Arabia, Malabar Gold & Diamonds reported 24-carat gold opening at Saudi Arabian Riyals (SAR) 438.00 per gram. Prices for 22-carat, 21-carat, and 18-carat gold were SAR 402.00, SAR 384.00, and SAR 329.00 per gram, respectively.
The following table summarises gold prices from September 1 to 3 in both markets:
| Purity | Dubai Price (Dh/gram) | Total Increase (Dh) | Saudi Price (SAR/gram) | Total Increase (SAR) |
|---|---|---|---|---|
| Sept 1 | Sept 2 | Sept 3 | ||
| 24-carat | 418.75 | 422.50 | 426.25 | +7.50 |
| 22K-carat | 388.25 | 391.50 | 394.75 | +6.50 |
| 21K-carat | 372.25 | 375.50 | 378.50 | +6.25 |
| 18K-carat | 318.50 | 321.50 | 324.50 | +6.00 |
Consumers in the United Arab Emirates (UAE) are adapting to elevated gold prices by favouring lighter jewellery designs and digital gold options, enabling smaller, more affordable purchases. Instalment payment plans, particularly over 12 months, have gained traction as buyers seek manageable ways to invest.
The sustained strength in gold prices reflects a combination of investor demand for safe-haven assets and expectations that the US Federal Reserve will lower interest rates later this month.
Reuters noted that spot gold hit a new record high of USD 3,546.99 per ounce earlier on Wednesday, trading above the key USD 3,500 level.
Gold remains a preferred asset amid global economic uncertainties, although price fluctuations are likely as markets respond to evolving geopolitical and monetary developments. Experts advise investors and buyers to stay informed of market trends to make timely decision
