Dubai: Gold Prices Set Record High For Second Day 22K Just Shy Of Dh500 Per Gram

(MENAFN- Khaleej Times)

[Editor’s Note: Want to know the ** latest gold prices in Dubai**? Click here]

Gold prices continue to set record highs every day, with 22K just shy of Dh500 per gram at the opening of the markets in Dubai on Tuesday morning.

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The Dubai Jewellery Group data showed 24K gold prices rising Dh2 to Dh538.25 per gram on Tuesday morning, while the 22K gold price opened at Dh498.25 per gram, up Dh1.75 per gram.

Among the other variants, 21K, 18K and 14K opened higher at Dh477.75, Dh409.5 and Dh319.5 per gram, respectively. Spot gold was trading at $4,4674.74 per ounce, up 0.6 per cent.

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Analysts believe that if geopolitical volatilities in the Americas, the Middle East and Europe continue, the precious metal will continue to maintain its upward trend as 22K is set to surpass Dh500 per gram, possibly this week.

The latest driver for the gold rally this week was the US attack on Venezuela and the arrest of its president, Nicolas Maduro, on Saturday.

Moreover, US President Donald Trump has threatened actions in five more countries, including Mexico, Colombia, Iran, Greenland, and Cuba.

According to intelligence and productivity platform GlobalData, the US military raid in Venezuela on January 3 has sharply heightened geopolitical tensions at the start of 2026.

“Venezuela’s large energy and gold endowments, combined with heightened market sensitivity after strong gains in 2025, raise the likelihood of outsized, fast-moving swings across key asset classes,” it said.

“The near-term political backdrop inside Venezuela remains fragile. A temporary president has assumed control amid heightened uncertainty over security, institutional continuity, and the direction of economic policy.

At the same time, Trump has issued warnings to the interim leadership, reinforcing the risk that the situation evolves not only through domestic politics but also through external pressure and rapidly shifting policy stances. For markets, that combination increases the probability of sudden changes in trade access, operational continuity, and enforcement intensity around financial and commercial channels,” it added.

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