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Dubai gold prices lose Dh5 as US rejects Iran’s response to peace plan
Monday marks 34th day of an attempt at a ceasefire between Washington and Tehran with little definitive answers to the deal as Iran continues taking control of the Strait of Hormuz
- PUBLISHED: Mon 11 May 2026, 9:36 AM
Gold lost Dh5.25 at the market open on Monday as ceasefire talks between the United States and Iran fray.
The 24K variant of the precious metal was trading at Dh563.00 on Monday morning, down from 568.25 at the market close on Friday.
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The other variants, 22K, 21K, 18K, and 14K, were trading at Dh521.25, 499.75, 428.25, and 334.00, respectively.
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Globally, gold dropped around .28 per cent at Dh17,161.79 ($4,673.06). Silver was trading a little higher, up 1.22 per cent at Dh294.77 ($80.27).
This comes as US President Donald Trump called Iran’s response to the ceasefire proposal on Monday “totally unacceptable.” Monday marks 33 days of an attempt at a ceasefire between Washington and Teheran with little definitive answers to the deal as Iran continues taking control of the Strait of Hormuz.
According to Iranian state TV, Tehran’s response to Washington focused on ending the conflict across all fronts, especially in Lebanon, as well as ensuring the safety of shipping through the strategic waterway, though no timeline was given for its possible reopening.
Al Jazeera reported that 51 people were killed in Israeli attacks, including two medical workers, in a single day.
Lebanon’s Ministry of Public Health said that 2,846 people have been killed across the country since March 2, when Israeli forces began a new military operation.
Hind Aldah is a business reporter based in Sharjah. In her spare time, you will find her playing classical guitar, painting amateur oil paintings, or crocheting the same old scarf that leads nowhere.