E-Paper
Sign In
Dubai gold prices see steady gains as Middle East tensions linger
Globally, spot gold was trading at $4,663.80 (Dh17,127.66) per ounce, up from $4,538.51 (Dh16,666.09) from the day before
- PUBLISHED: Wed 6 May 2026, 10:41 AM
Gold prices in Dubai gained Dh11.5 per gram on Wednesday morning, bringing some relief to investors.
According to Dubai Jewellery Group data, the 24K gold price was trading at Dh560.00 per gram at market open, down from Dh548.50 per gram at the close of trading on Tuesday.
Recommended For You
The 22K, 21K, 18K, and 14K variants of the yellow metal were also trading lower at Dh518.75, Dh497,25, Dh426.25, and Dh332.50 per gram, respectively.
Stay up to date with the latest news. Follow KT on WhatsApp Channels
Despite renewed Iranian attacks on UAE soil, a ceasefire between the United States and Iran still holds, US officials said. US Secretary of State Marco Rubio said early Wednesday that US forces have completed their offensive operations against Iran and "achieved the objectives" of their military campaign.
At the same time, Iranian officials say that the US’ unilateral demands are “impossible” to accept.
Earlier, financial analysts told Khaleej Times that gold’s broad $200 range around $4,750 is likely to set off the next short-term move.
"Gold’s initial sell-off at the start of the war was driven by a liquidity and inflation shock, forcing investors out of crowded positions while surging energy prices boosted the dollar and temporarily erased expectations for rate cuts in 2026,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, said.
“Since then, the muted response reflects a market lacking strong conviction, with elevated energy prices, dollar strength, and the inflationary implications of both weighing on gold through their impact on US rate expectations. At the same time, the core drivers that supported gold’s strong rally in recent years—fiscal debt concerns, central bank demand, and de-dollarization—have not gone away and will likely reassert themselves once the dust settles in the Middle East,” he added.
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.