Gold prices were steady in Dubai on Tuesday morning as investors weigh Israel-Iran ceasefire and inflation risks in the world’s largest economy.
The 24K gold price was trading at Dh522.25 per gram at the market opening on Tuesday, up from Dh521.5 per gram at the close of markets on Monday.
The 22K, 21K and 18K were trading at Dh483.5, Dh463.5 and Dh397.25 per gram, respectively.
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Spot gold was trading at $4,333 an ounce while silver stood at $67.95 an ounce, down 0.66 per cent.
Gold has also remained under pressure, testing the $4,300 level and leaving the metal broadly unchanged on a year-to-date basis. Its recent price action highlights how closely investor positioning has become tied to the evolving geopolitical narrative, with fading tensions continuing to weigh on sentiment toward the precious metal.
Israel indicated that it would refrain from launching additional strikes on Iran for now, while Tehran declared its latest military operation concluded.
Ahmad Assiri, research strategist at Pepperstone, said gold prices have retreated toward the $4,300 per ounce level as investors react to signs of easing geopolitical tensions in the Middle East, with the latest geopolitical developments limiting the metal’s ability to stage a meaningful recovery.
“Overnight developments point to a modest cooling in tensions between Israel and Iran after both sides signaled a halt to direct military exchanges following efforts led by the US. The headlines suggest that markets may be witnessing the release of accumulated tensions, rather than the beginning of a new episode of escalation many had feared,” he added.
Looking ahead, Assiri sees investors as likely to remain focused on whether this fragile calm can hold.
