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Dubai: Gold prices rise to Dh4 per gram amid Israel-Iran clash
The 24K hit an all-time high of Dh420 per gram earlier this year due to the global tariff war, weakening of the US dollar and geopolitical tensions
- PUBLISHED: Fri 13 Jun 2025, 12:46 PM
Gold prices jumped Dh4 per gram in Dubai on Friday, pushing prices closer to the previous peak as the Israeli attack on Iran prompted investors to safe-haven investment.
The 24K variant of the precious metal jumped to Dh412.75 per gram, up from Dh408.75 per gram at the close of the market on Thursday. The precious metal has risen by over Dh14 per gram in the past three days.
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The 24K hit an all-time high of Dh420 per gram earlier this year due to the global tariff war, weakening of the US dollar and geopolitical tensions.
Among the other variants, 22K, 21K and 18K rose to Dh382.25, Dh366.5 and Dh314.0 per gram, respectively.
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Spot gold was trading at $3,415.73 per ounce, up 1.07 per cent, hitting a nearly two-month high.
The rising prices could deter UAE residents’ plans to buy precious metal jewellery ahead of summer travel when more residents as gits when travelling to their home countries.
"This latest spike in hostilities in the Middle East has taken the focus off trade negotiations for now, with investors making a play towards safe-haven assets in response," said Tim Waterer, chief market analyst at KCM Trade.
"Gold surged past resistance around $3,400 on news of the airstrikes, and further upside could be in-store should the escalation continue," Waterer said.
