Dubai: Gold steady after Israel’s attack on Qatar, close to its all-time high

Gold prices were steady in Dubai on Wednesday morning despite Israel’s attack on Qatar late on Tuesday.

At 9.30am UAE time, 24K and 22K were selling at Dh439.0 and Dh406.5 per gram, respectively, slightly below their all-time high hit earlier this week.

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While 21K and 18K were trading at Dh389.75 and Dh334.0 per gram, respectively.

Spot gold was steady at $3,641.75 per ounce at 9.40 am UAE time.

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Israel attacked a residential area in the Qatari capital Doha on Tuesday evening, causing concern about geopolitical tension in the region.

Israel attempted to kill the political leaders of Hamas with an airstrike on Qatar, escalating its military action in the Middle East.

“Gold refreshed records — this time on safe-haven demand following escalating Middle East tensions — while crude oil remains bid on both the geopolitical backdrop and waning hopes in Ukraine,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

The gold rally has been primarily driven by geopolitical tensions around the world, interest rate cut expectations, and central bank buying.

Written by

Waheed Abbas

Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.