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Dubai gold prices steady as US-Iran ceasefire holds
Spot gold was trading at $4,610.75 (Dh16,897.05) per ounce, down 0.4 per cent at 9.25am UAE time. Silver price also slightly dropped at 0.6 per cent to $75.2 (Dh276.24) per ounce
- PUBLISHED: Mon 4 May 2026, 10:13 AM
[Editor's Note: Follow the Khaleej Times live blog for the latest regional developments with the US-Israel-Iran ceasefire now in effect.]
Gold prices remained steady in the UAE on Monday morning, losing only Dh1 per gram as ceasefire between the United States and Iran holds.
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The 24K gold price stayed steady with only a Dh1 per gram loss to Dh555, down from Dh556 on Friday. Similarly, 22K, 21K, 18K and 14K gold also made strong gains on Wednesday morning, rising to Dh513.75, Dh492.75, Dh422.25 and Dh329.50 per gram, respectively.
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Spot gold was trading at $4,610.75 (Dh16,897.05) per ounce, down 0.4 per cent at 9.25am UAE time. Silver price also slightly dropped at 0.6 per cent to $75.2 (Dh276.24) per ounce.
Vijay Valecha, CIO of Century Financial, said gold rebounded in the previous session as oil saw profit-taking and the dollar retreated sharply amid reports of Japan’s likely intervention in the foreign exchange market.
However, he noted that gold continues to face downward pressure as long as geopolitical tensions persist and the Strait of Hormuz remains closed. The energy supply shock caused by the nine-week conflict has added to inflation risks, increasing the likelihood that central banks will keep rates steady for longer or even raise them, which is a headwind for non-yielding bullion.
Valecha added that this could lead to a situation similar to early March, when a wave of equity market correction drove selling pressure in gold. In the longer term, he said the fundamentals remain strong, supported by continued central bank buying.
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.