Gold Price in UAE Reaches AED 510.25 per Gram for 24K on August 6, Hitting Seven-Week High as Global Safe-Haven Demand Rises

Gold prices in the UAE reached AED 510.25 per gram for 24-karat gold on August 6, 2026, according to multiple retail sources, marking an increase of approximately AED 18 from the previous day and touching a seven-week high. The 22-karat category traded at AED 472.50 per gram, while 18-karat reached AED 388.50. Global spot gold gained 1 percent to $4,285.84 per ounce on Wednesday, with US gold futures adding 0.9 percent to $4,345.80, supported by a weaker US dollar and treasury yields ahead of Federal Reserve policy announcements. Safe-haven flows intensified amid uncertainty surrounding the Strait of Hormuz reopening and broader regional tensions. The rally extends gold's position as a preferred hedge during periods of geopolitical risk. For UAE residents and investors, the price levels represent the most expensive gold shopping environment on record. Jewellery demand, investment purchases in bars and coins, and wealth preservation strategies all face higher entry costs, though existing holders see strong portfolio performance. Retail jewellers report that making charges, often structured as flat per-gram fees rather than percentage markups, have not risen proportionally to the gold price surge, providing some offset. Broader global inflows into gold-backed ETFs totaled $5.5 billion in recent weeks, contributing to sustained upward pressure on pricing across all markets, including the UAE's active retail segment.