Dubai gold jumps Dh4 as Iran war jitters lift 22K to Dh539

Dubai: Dubai gold prices rebounded on Thursday morning as renewed caution over the ongoing US-Israel-Iran conflict pushed investors back toward bullion. This reversed Wednesday’s softer trend when easing ceasefire hopes had briefly cooled safe-haven demand.

(Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait, and India.)

In Dubai, 24K gold rose to Dh582.50 per gram, up Dh4.50 from Wednesday’s Dh578.00, while 22K climbed to Dh539.25, gaining Dh4.00 from Dh535.25 a day earlier. The sharp rise suggests traders are once again pricing geopolitical risk into bullion after yesterday’s decline, when optimism over possible diplomatic progress had pressured prices lower.

The rebound comes as international investors reassess whether hopes of a US-Iran deal can hold, particularly with tensions around the Strait of Hormuz still unresolved — a critical factor for Gulf markets given the region’s energy exposure.

Saudi Arabia, India

In Saudi Arabia, gold prices were steady, indicating a more cautious domestic market response. 24K gold held at SAR545.00 per gram, unchanged from yesterday’s close. And 22K gold also remained flat at SAR550.00 per gram.

UAE retail gold markets often react faster to shifts in international spot prices and currency fluctuations.

In India, bullion prices also edged higher, ahead of the Hindu festival of Akshaya Tritiya, celebrated on April 19. Twenty-four karat gold rose to ₹155,560 per 10 grams, up from ₹155,350 yesterday. 22K gold increased to ₹142,600 per 10 grams, compared with ₹142,400 previously.

International rates

Internationally, spot gold climbed to $4,830.82 an ounce, while global benchmark prices were up 0.64 per cent at $4,832.02, supported by a weaker US dollar and softer Treasury yields.

According to Reuters, bullion is gaining support because the dollar has fallen to a six-week low, making gold cheaper for overseas buyers, while easing US Treasury yields have reduced the opportunity cost of holding non-yielding assets like gold.

Market analysts say gold is now in a “wait-and-watch” phase. Rania Gule, Senior Market Analyst at XS.com MENA, said bullion is moving in a narrow range as investors weigh conflicting pressures: fading immediate war fears, stronger equity markets, persistent inflation risks, and unresolved geopolitical flashpoints.

She said that while optimism over US-Iran relations has temporarily reduced panic buying, gold still retains strong long-term support from inflation concerns, central bank buying — especially from China — and the possibility of sudden escalation in the Gulf.

For now, unless there is a decisive geopolitical breakthrough or a major Federal Reserve policy shift, gold is likely to remain volatile — but firmly supported near current elevated levels.