Gold prices in Dubai rose by more than Dh11 per gram to a two-week high on Thursday morning, bringing 24K gold close to Dh500 per gram.

Dubai Jewellery Group data showed 24K at Dh498.75 per gram at the market open, up from Dh487.50 on Wednesday. 22K, 21K, 18K and 14K gold rose to Dh461.75, Dh442.75, Dh379.50 and Dh296 per gram respectively.

Spot gold climbed 5.3 per cent to $4,141 an ounce and silver gained 6.8 per cent to $53.11, as the US dollar and Treasury yields weakened after the US midterm elections.

The rise comes ahead of Dhanteras on Friday, November 6, and Diwali on Sunday, November 8, a period when Indian expatriates and other residents traditionally buy gold, giving the UAE jewellery market a seasonal boost.

The World Gold Council said central banks made net purchases of about 321 tonnes in the third quarter of 2026, up 42 per cent year on year.

(Source: Khaleej Times)