24K UAE Gold Hits Dh498.50 per Gram Following US Midterm Election Shift
Retail gold prices in Dubai surged near the Dh500 threshold on Thursday, November 5, 2026, as 24-karat metal reached Dh498.50 per gram following a sharp decline in the US dollar. Bullion buyers and retail investors across the UAE watched prices jump across all purity grades after international spot gold rebounded past the $4,000 per ounce support mark.
24K Retail Metal Nears Dh500 Mark as 22K Rises to Dh461.75
Dubai retailers priced 24-karat gold at Dh498.50 per gram on Thursday, while 22-karat sold at Dh461.75 per gram, up from Dh451.50 in the prior trading session. Lower-carat varieties mirrored the move, with 18-karat metal reaching Dh379.50 per gram and 14-karat rising to Dh296 per gram. On global exchanges, spot bullion gained up to 2.1 percent to trade near $4,146 an ounce, extending gains after a 3 percent surge on Wednesday. Silver rose 0.60 percent to $53.54 per ounce, adding to a previous 5 percent gain.
The price surge followed US midterm election outcomes that saw a Democratic sweep of Congress, putting downward pressure on Treasury yields and the US dollar as investors anticipated constraints on federal spending plans. Concurrently, Brent crude fell to $93 per barrel, dropping below $100 for the first time since early October after US administration statements eased concerns regarding military strikes on Iran, tempering inflation fears.
Market analyst Linh Tran at XS.com noted that bullion had dropped to approximately $3,870 an ounce before reclaiming the $4,000 level, observing that gold remained down nearly 6.5 percent since the start of the year and nearly 28 percent below its mid-February peak.
