24K trades at Dh600.75 per gram, up Dh6 from previous session, with spot gold eyeing $5,000 milestone
DUBAI – 19 February 2026 – Gold prices in Dubai have surged past the Dh600 per gram threshold, extending gains amid heightened geopolitical tensions that have driven investors toward safe-haven assets, though a resurgent US dollar has capped further upside.
Dubai Jewellery Group data showed 24K gold trading at Dh600.75 per gram on Thursday morning, climbing more than Dh6 from yesterday’s opening rate. The precious metal first crossed the psychological barrier on Wednesday evening as global uncertainties mounted.
Other variants followed the upward trajectory, with 22K, 21K, 18K and 14K selling at Dh556.25, Dh533.25, Dh457.0 and Dh356.5 per gram respectively.
$5,000 in Sight
Spot gold was trading at $4,995 per ounce at 9.40am UAE time, up 0.14 per cent, hovering just below the coveted $5,000 level. The yellow metal had jumped over two per cent on Wednesday evening before losing momentum as the US dollar strengthened to near one-week highs, making greenback-priced bullion more expensive for international buyers.
Fed Signals Divide
The US Federal Reserve’s January meeting minutes, released Wednesday, revealed policymakers were in near-unanimous agreement to maintain current interest rates. However, the central bank remains divided on future direction, with “several” officials open to rate hikes should inflation remain elevated, while others favour cuts if price pressures recede.
Analyst View
Christopher Wong, a strategist at OCBC, described the current price action as “gold in a consolidation mood, reflective of thin liquidity conditions during the Asia holiday period rather than a shift in fundamentals.”
Market participants now await further geopolitical developments and US economic data that could provide the catalyst for gold to finally breach the $5,000 mark.
