Dubai gold prices rise with global rates after Iran ceasefire extension
Local rates climb alongside global gold as ceasefire cools oil and weakens dollar
Dubai: Gold prices in Dubai rose on Wednesday as global bullion gained following easing geopolitical tensions after a US move to extend a ceasefire with Iran.
In Dubai, 24-carat gold climbed to Dh573.00 per gram in both morning and afternoon trade, up from Dh565.00 yesterday. The 22-carat variant rose to Dh530.50 from Dh523.00. The rebound suggests that local prices are now tracking global trends more closely after two days of declines.
The move contrasts with global markets, where gold prices rose after the US signalled a de-escalation in tensions. US President Donald Trump said he would indefinitely extend the ceasefire with Iran to allow for further peace talks, easing fears of an inflation spike driven by higher oil prices.
Regional trends: Saudi Arabia, India
In Saudi Arabia, gold prices remained unchanged, with both 24-carat and 22-carat gold holding steady at 589.00, indicating a stable local pricing environment despite global volatility.
India saw a slight decline in prices. The 24-carat rate dropped to ₹154,750 per 10 grams from ₹155,290, while 22-carat gold slipped to ₹141,850 from ₹142,350.
The easing mirrors Dubai’s trend, suggesting that consumer markets are seeing some relief even as global benchmarks tick higher.
Global outlook
Internationally, spot gold rose 1.1 per cent to $4,753.72 per ounce as of 12:41 PM UAE time, recovering after hitting its lowest level since April 13 in the previous session.
The rise comes as lower oil prices — driven by the ceasefire extension — eased fears of inflation and prolonged high interest rates. Stocks gained, the US dollar weakened and crude prices declined, all of which supported gold.
Analysts say markets remain highly sensitive to developments around the ceasefire. “With this ceasefire extension, markets perceive a de-escalation in the crisis. If hostilities resume, the dollar could strengthen, while oil and interest rates may rise, putting pressure on gold,” Edward Meir, analyst at Marex told Reuters.
At the same time, uncertainty around US monetary policy persists. Federal Reserve chief nominee Kevin Warsh said he had made no commitments on rate cuts, reinforcing a cautious outlook.
