04/09/2026 01:21 AST
Gold prices in Dubai gained Dh6.75 per gram in one day amid renewed fighting between the United States and Iran.
The 24K variant of the precious metal was trading at Dh535 at the market open on Thursday, up from Dh528.25 per gram at the close of the markets on Wednesday.
Similarly, 22K, 21K, 18K, and 14K gold prices were also up, trading at Dh495.25, Dh475, Dh407 and Dh317.50 per gram, respectively.
Globally, spot gold was trading at $4,431.78 per ounce, the metal gaining 1.43 per cent as of 9.10am. Silver was up 1.69 per cent, trading at $65.97 per ounce.
Gold's decline earlier this week was exacerbated after renewed geopolitical tension, analysts said. Vijay Valecha, CIO of Century Financial, said the US-Iran tensions and worries about the effects on commercial shipping in the Strait of Hormuz are pressuring the precious metal.
This is prompting investors to focus on the inflationary effects of higher oil prices and the potential for rate hikes, sending the US 10-year yield above 4.81 per cent, its highest since October 2023, and pushing the US dollar to a two-week high.
"Meanwhile, investor demand is fading as Exchange-Traded Fund (ETF) inflows have failed to reappear to defend the market during this recent decline, and macro conditions no longer provide the favourable backdrop that supported gold in recent weeks," he said.
He added that bulls have "plenty of ammunition in the longer-term, supported by continued central-bank buying, but in the short term, the bias is negative as higher yields, a stronger dollar, diminishing ETF buying, and a higher probability of Fed tightening trump safe-haven demand".
The CIO said, "gold remains bearish on the four-hour chart, with negative momentum and a lower-high/lower-low structure. Gold is likely to bounce off oversold territory, but sellers remain in control below $4,444, and the bias is for the next move to test $4,252 and $4,205."
"Silver is also bearish, and more so than gold, with sellers still in control. As long as price stays below $66.04, the risk remains for a move toward $62.83 which is at the 200-period SMA and possibly $62.00, while any recovery is likely to be corrective unless resistance is re-claimed," he noted.
Khaleej Times
Please wait...
