Dubai Gold Prices Surge as US-Iran Tensions Escalate Again

Dubai gold prices rebounded on Thursday amid renewed fighting between the United States and Iran. The 24K variant of gold was trading at Dh535 per gram, up from Dh528.25 per gram at the close of markets on Wednesday.

The gains were also seen in other types of gold, including 22K, 21K, 18K, and 14K, which traded at Dh495.25, Dh475, Dh407, and Dh317.50 per gram respectively.

Globally, spot gold was trading at $4,431.78 per ounce, up 1.43% as of 9:10am. Silver was also up, trading at $65.97 per ounce with a 1.69% gain.

Vijay Valecha, CIO of Century Financial, said that the US-Iran tensions and worries about commercial shipping in the Strait of Hormuz are pressuring gold prices. He noted that investor demand is fading as Exchange-Traded Fund (ETF) inflows have failed to reappear during this recent decline.