Gold prices in the UAE maintained a stable footing on Thursday morning, despite a slight dip of Dh4.75 over the past week. As markets opened, 24K gold was trading at Dh490 per gram, mirroring Wednesday’s closing figures. Similar stability was observed across other variations, with 22K, 21K, 18K, and 14K gold opening at Dh453.75, Dh435.25, Dh373, and Dh291 per gram, respectively. Meanwhile, spot gold and silver saw minor marginal declines during early trading hours.

The market remains cautious following the end of the US-Iran ceasefire and subsequent regional military exchanges. This geopolitical instability has also impacted energy markets, with crude oil prices jumping over 7% following threats of further conflict. While analysts like Ben May of Oxford Economics acknowledge the potential for an oil price surge, they caution against panic, noting that the volatile nature of the ceasefire suggests that a long-term baseline shift may not yet be warranted. Saxo Bank's Ole Hansen added that this marks a significant turnaround from recent weeks, where the market focus had been primarily on regional supply route reopenings and rising oil surpluses.