Gold prices in Dubai have surged past the Dh500 per gram threshold as the city gears up for the highly anticipated festive season, including Navratri and Diwali. On Friday, 24K gold climbed to Dh504 per gram, marking a notable increase from the previous day’s close. This upward trend is mirrored across other purities, with 22K, 21K, and 18K gold also seeing significant gains. Retailers are bracing for a busy few weeks, as these celebrations are traditionally marked by a surge in gold purchases for gifting and personal adornment.

The spike in prices comes at a time when shoppers are eager to secure pieces ahead of the upcoming holidays. While some savvy buyers acted early when prices dipped slightly below the Dh500 mark, the market remains robust. Industry experts point out that despite global economic pressures, such as a strong dollar and fluctuating bond yields, long-term investor interest remains steady. To further entice shoppers, the Dubai Jewellery Group has announced a special Diwali campaign running from late October through mid-November, offering various promotions and gold raffle opportunities to help families celebrate the season.