26/02/2026 04:59 AST
Gold and silver prices surged in Dubai on Wednesday morning as uncertainty over US tariffs boosted demand for safe-haven assets.
According to Dubai Jewellery Group data, the 24K gold price was trading at Dh624.5 per gram when markets opened on Wednesday, up from Dh619.75 per gram on Tuesday evening, gaining Dh4.75.
Similarly, the other gold variants also gained, with 22K, 21K, 18K, and 14K trading at Dh578.25, Dh554.5, Dh475.25 and Dh370.75 per gram, respectively.
Spot gold jumped 0.62 per cent to $5,190.4 per ounce at around 9 am UAE time.
Silver was trading at $89.48 or Dh328.56 per ounce, up 2.22 per cent.
Fresh US tariffs on imported goods came into effect on Tuesday, as President Donald Trump moved to rebuild his trade agenda after the Supreme Court ruled against a swath of his global duties.
The new tariffs, initially set at 10 per cent, are justified as a means "to deal with the large and serious United States balance-of-payments deficits," according to a White House release on Friday.
Rania Gule, senior market analyst for Mena at xs.com, said silver has witnessed dramatic moves in recent days, reflecting the sensitivity of this dual-natured metal - both an investment and an industrial - to political and monetary shocks at the same time.
"Following the announcement of a 15 per cent global tariff by the US president, prices surged by more than 6 per cent in a single session, driven by strong safe-haven demand, before quickly retreating from the $89 per ounce level as momentum faded and traders shifted toward profit-taking. What happened does not represent a trend reversal so much as it reflects a rapid repricing of a sudden political shock, followed by the natural behaviour of markets that tend to test extremes before stabilising new positions," she said.
Gule added that the sharp rally was not surprising.
"Trade escalation typically revives investor appetite for hedging assets, particularly in a global environment marked by slowing growth and rising geopolitical polarisation. However, silver differs from gold in that it is more sensitive to the economic cycle, given its close link to industrial demand," she added.
Khaleej Times
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