Gold and Silver Prices Surge in Dubai Amid US Tariff Hikes and Global Market Uncertainty

Gold and silver prices climbed in Dubai on Wednesday morning as uncertainty over new US tariffs prompted a surge in demand for safe-haven assets. Market data from the Dubai Jewellery Group showed that 24K gold opened at Dh624.5 per gram, up from Dh619.75 per gram on Tuesday evening, marking a gain of Dh4.75.

Other gold varieties also experienced gains, with 22K trading at Dh578.25, 21K at Dh554.5, 18K at Dh475.25, and 14K at Dh370.75 per gram. Meanwhile, spot gold rose 0.62 per cent to $5,190.4 per ounce at 9 am UAE time.

Silver followed a similar trend, trading at $89.48 per ounce or Dh328.56, an increase of 2.22 per cent.

The price movements came after fresh US tariffs on imported goods took effect on Tuesday, following a Supreme Court ruling that affected several global duties. The White House announced the tariffs, initially set at 10 per cent, as a measure to address the “large and serious United States balance-of-payments deficits.”

Rania Gule, senior market analyst for MENA at xs.com, noted that silver’s recent fluctuations highlight the metal’s dual role as both an investment and an industrial commodity, making it particularly sensitive to political and monetary shocks.

“After the US president announced a 15 per cent global tariff, silver prices surged more than 6 per cent in a single session due to strong safe-haven demand before retreating from the $89 per ounce level as traders took profits. This reflects a rapid market repricing in response to political events rather than a fundamental trend reversal,” she said.

Gule added that the rally aligns with typical investor behavior during trade escalations. “Trade tensions usually increase interest in hedging assets, especially in a global environment marked by slowing growth and rising geopolitical uncertainty. Unlike gold, silver is more closely tied to industrial demand, making it particularly sensitive to economic cycles,” she explained.