Gold Prices in Dubai Hold Steady Amid Rising Middle East Tensions
Gold prices in Dubai remained steady on Wednesday morning despite renewed geopolitical concerns following Israel’s airstrike on Qatar late Tuesday evening.
At 9:30 AM UAE time, Dubai gold rates for 24K were recorded at AED 439.0 per gram, while 22K gold was trading at AED 406.5 per gram. These prices remain slightly lower than the all-time highs seen earlier this week. Meanwhile, 21K gold in Dubai was priced at AED 389.75 per gram, and 18K gold stood at AED 334.0 per gram. On the international market, spot gold was steady at $3,641.75 per ounce at 9:40 AM UAE time.
The geopolitical situation intensified after Israel targeted a residential area in Doha, Qatar, in an attempt to strike Hamas political leaders. The attack has escalated concerns about instability in the Middle East, a factor that traditionally boosts demand for safe-haven assets such as gold.
Analysts note that gold’s recent rally has been supported not only by regional tensions but also by global economic conditions. “Gold refreshed records — this time on safe-haven demand following escalating Middle East tensions — while crude oil remains bid on both the geopolitical backdrop and waning hopes in Ukraine,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
For Dubai residents and investors in the UAE, the steady gold price highlights the city’s continued role as a key hub for precious metals trading. The rally in gold has been primarily driven by geopolitical risks, central bank buying, and expectations of interest rate cuts, making Dubai’s gold market a focal point for both retail buyers and long-term investors.
Whether purchasing gold jewelry from Dubai’s famous Gold Souk or investing in bullion and coins, the current market conditions reflect the strong demand for gold as a safe-haven asset amid rising uncertainty.
Source : Khaleejtimes
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