Gold prices in Dubai reached fresh highs on January 20, 2026. The price of 24-carat gold climbed to about AED 573.75 per gram, up from AED 562.85 the day before. Meanwhile, 22-carat gold traded near AED 525.94 per gram. Silver and other precious metals also gained. Globally, spot gold crossed $4,737 per ounce, marking a new record driven by safe-haven demand amid geopolitical tensions and trade worries. Analysts say several factors fuelled this rally: increased political risks including disputes over strategic regions, investors moving money away from risky assets to precious metals, and strong momentum continuing from 2025 when gold prices rose over 60% year-on-year. Dubai's gold market closely followed these trends. Prices jumped about Dh45 in January and crossed the Dh570 mark. This steady rise reshapes buying behavior: some shoppers delay buying in hope of lower prices, others hurry to buy before prices rise more. Investors are growing their holdings in gold coins and bars, using gold as a hedge against volatility and currency risks. Tourists and non-resident buyers still find UAE gold competitively priced due to tax-free status and high quality. Similar trends are seen in India, where 24-carat gold hit around ₹149,680 per 10 grams on January 20. The price surge in Dubai influences gold prices across the Gulf region including Saudi Arabia, Qatar, and Kuwait. The sustained rally offers chances and challenges: it's attractive for investors needing portfolio safety but pushes up costs for everyday buyers and festival shoppers. Looking ahead, analysts will watch geopolitical moves, currency shifts, and central bank policies closely. Continued uncertainty could keep gold prices high or push them higher. The evolving market means shoppers and investors alike should stay alert in the coming months.