Dubai gold prices surge by over Dh11 per gram ahead of Dhanteras and Diwali – will festive shoppers still buy gold at higher rates?

Dubai gold prices jumped by more than Dh11 per gram on Thursday, November 5, with 24K gold approaching Dh500 at Dh498.75, up from Dh487.50 the previous day. Prices of 22K, 21K, 18K and 14K gold also climbed to Dh461.75, Dh442.75, Dh379.50 and Dh296 per gram, respectively. The rally followed a weaker US dollar and lower Treasury yields after the US midterm elections, pushing international spot gold up 5.3% to $4,141 an ounce. The surge comes just ahead of Dhanteras on November 6 and Diwali on November 8, when gold purchases traditionally increase. Central banks also bought 321 tonnes of gold in the third quarter of 2026, supporting demand.

Would you still buy gold at these higher prices this festive season, or wait for rates to fall?