Gold prices in Dubai jump Dh8 as 24K nears Dh550 per gram

[Editor's Note: Follow Khaleej Times live blog amid US-Israel-Iran war for the latest regional developments.]

Gold prices jumped Dh8 per gram, reaching nearly Dh550 in Dubai on Tuesday morning.

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According to Dubai Jewellery Group, the 24K gold price was trading at Dh549.75 per gram, up from Dh541.75 at the previous market close.

Other variants of the precious metal also gained in early trade, with 22K, 21K, 18K, and 14K trading at Dh509.25, Dh488.25, Dh418.50, and Dh326.50 per gram, respectively.

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Spot gold was trading at $4,559.18 per ounce, up 0.69 per cent. Silver rose 2.16 per cent to $71.99 per ounce. Precious metals gained amid expectations of a de-escalation in the Middle East conflict involving the US, Israel, and Iran.

Tony Sage, CEO of Critical Metals, said gold prices extended their rebound at the start of the week, stabilising after a recent corrective phase.

“The persistence of geopolitical risk in the Middle East could underpin safe-haven demand, particularly after the metal’s correction earlier this month, fuelling dip-buying. Downside risks to global growth from elevated oil prices are becoming more pronounced, which could revive defensive positioning and support bullion despite the rate environment.

“At the same time, gold could remain vulnerable in the short term due to the risk of further central bank selling, following Turkey’s recent offloading, as well as a potential increase in Treasury yields and the dollar. ETF flows have remained negative overall and could weigh on the market if the trend continues,” he said.

Looking ahead, Sage said gold’s trajectory will likely hinge on developments in the Middle East, inflation expectations, and the evolution of monetary policy, along with the potential impact of elevated oil prices on the global economy.

“Upcoming US economic data could also influence sentiment and drive gold prices, as it shapes monetary policy expectations,” he concluded.

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.