In an unprecedented surge for the “City of Gold,” retail prices in the UAE reached their highest levels in history today, Monday, January 12, 2026. The 24K gold variant officially crossed the AED 550 per gram mark, following a volatile morning in global markets where spot gold smashed through the $4,600 per ounce barrier. This record-breaking rally is being driven by a “perfect storm” of geopolitical tensions in South America and the Middle East, coupled with economic uncertainty surrounding central bank independence in the United States.
Despite these soaring costs, the Dubai Gold Souk remains a hub of activity as investors pivot toward physical bullion to hedge against global inflation. Market analysts note that while prices are at an all-time high, the UAE continues to offer significant value compared to other major markets; for instance, gold in Dubai is currently approximately ₹6,600 cheaper per 10 grams than in India. Experts suggest that if the current momentum persists, the market could see further resistance levels tested, with some aggressive forecasts eyeing the AED 600 mark by year-end.
