Dubai gold prices hit a one-month peak at Dh646.50 per gram as Middle East conflicts drive safe-haven demand, with global rates nearing $5,420 an ounce.
Dubai, UAE – Gold prices in Dubai soared to a one-month high on March 3, 2026, reaching Dh646.50 per gram for 24-karat and Dh598.75 for 22-karat, up from Dh641 and Dh593.50 the previous day. This surge mirrors a global bullion rally above $5,300 an ounce, fueled by escalating US-Iran hostilities, regional strikes, and threats to oil infrastructure like the Strait of Hormuz.
Investors flocked to gold as a safe-haven asset amid fears of broader Middle East conflict and spiking oil prices reigniting inflation concerns. Analysts note this marks a fifth straight session of gains, with Dubai’s market up nearly 15% since early February when 24-karat traded at Dh564.25 per gram. Physical gold flows from Dubai, a key hub, face curbs due to flight suspensions, potentially tightening supplies further.
Experts predict volatility, with potential retests of $5,450 if tensions persist, though de-escalation could trigger pullbacks. Retail buyers in the UAE, including jewelry shoppers, now contend with elevated costs, while investors eye dips as buying opportunities. This rally underscores gold’s role as a hedge against geopolitical and economic uncertainty.
