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Gold, silver prices recover some losses in early trade in Dubai
Yellow metal prices plunged over Dh35 per gram, while silver slumped nearly 10 per cent on Tuesday evening amid massive volatility in precious metals
- PUBLISHED: Wed 4 Mar 2026, 9:32 AM
[Editor's Note: Follow Khaleej Times live blog amid Israeli, US strikes on Iran for the latest regional developments.]
Gold and silver prices recovered some of the losses on Wednesday morning after losing nearly Dh35 per gram in Dubai on Tuesday evening.
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The Dubai Jewellery Group data showed 24K gold trading at Dh621.25 per gram, up from Dh614.25 per gram at the close of the markets on Tuesday, gaining Dh7 per gram.
Similarly, the other variants also recovered some of the losses with 22K, 21K, 18K, and 14K trading at Dh575.25, Dh551.75, Dh472.75 and Dh368.75 per gram, respectively.
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Spot gold was trading at $5,164.61 per ounce, up one per cent.
Silver was trading at $85 (Dh312.12) per ounce, up 2.2 per cent at 9.15 am UAE time.
Abdelaziz Albogdady, market research and fintech strategy manager at FXEM, said gold stabilised to a certain extent.
“Geopolitical dynamics remain a core pillar of support. Escalating tensions in the Middle East, intensified by statements from US President Donald Trump indicating continued military pressure and warnings from Iran regarding potential disruption of the Strait of Hormuz, have reinforced concerns. Elevated tensions in Eastern Europe further sustain the embedded geopolitical risk premium. Institutional demand is also likely to remain firm. Persistent central bank accumulation and the prospect of renewed ETF inflows could continue to underpin the precious metal,” he said.
However, the metal could face some headwinds.
In addition to a stronger US dollar, rising oil prices have revived inflation concerns in the US, contributing to higher Treasury yields.
“Markets are reassessing the pace of Federal Reserve easing, with expectations for multiple rate cuts becoming less certain. This recalibration may cap near-term gains, though the broader bias remains upward while geopolitical uncertainty endures,” he added.
