DUBAI : Dubai’s gold market is feeling the heat—not from the summer sun, but from a surge in investor activity. On Thursday, the 22-karat gold rate soared to Dh382.25 per gram, surpassing its previous high of Dh381.75. The 24K price also surged, reaching Dh412.75 per gram.

The spike comes amid intensifying geopolitical instability, particularly the flare-up between Israel and Iran, which has pushed investors towards traditionally safer options like gold, oil, and the US dollar. In global markets, gold is holding firm at $3,420 an ounce as traders offload risk-heavy assets.

Analysts suggest that the rally may not stop here. With speculation mounting, new highs of $3,550 to $3,600 an ounce are being discussed as potential benchmarks for the yellow metal.