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Gold Crosses $3,500 Mark; India and Dubai Witness Historic Highs
Gold prices have reached all-time highs globally, with India and Dubai setting records. On September 2, international gold prices reached an intraday high of $3,508.79 per ounce, breaking the previous record of $3,500 set in April 2025.
In Dubai, the price of one gram of 24-karat gold has risen to AED 421.5. Prices for 22K, 21K, and 18K gold were AED 390.25, 374.25, and 320.75, respectively. This rise coincided with the 10-day Onam holiday, which ends on September 5, a time when jewellery is generally in high demand.
On September 2, the Multi-Commodity Exchange (MCX) in India reported a spot price of Rs 1,03,969 per ten grams for 24-carat gold. Futures for October contracts were quoted at Rs 1,04,865, with December contracts reaching Rs 1,06,061. The prevailing retail price in India was Rs 1,05,270 per 10 grams.
In comparison, gold continues to be more expensive in India than in Dubai. For example, one gram of 22K gold costs approximately Rs 9,306 in Dubai and Rs 9,649.75 in India.
