Gold prices in Dubai saw a slight downward adjustment on Wednesday morning as escalating tensions between the US and Iran triggered broader market anxieties, including fears over potential interest rate hikes. As of the latest update, 24K gold is trading at Dh528.0 per gram, while other variants like 22K, 21K, 18K, and 14K are priced at Dh489.0, Dh468.75, Dh401.75, and Dh313.5 per gram, respectively. Simultaneously, spot gold slipped by 0.2 percent to $4,384 an ounce, even as silver prices remained stable at $66.43.

The recent volatility follows a series of direct military confrontations between the US and Iran, including strikes in the Strait of Hormuz and a targeted attack on a US base in Jordan. As the Islamic Republic threatens further retaliation against oil tankers near US-allied nations, energy markets have responded sharply, with Brent crude nearing the $100 mark. Experts suggest that while higher oil prices and rising bond yields typically create a complex environment for investors, the ongoing geopolitical uncertainty continues to bolster the long-term appeal of gold as a defensive safe-haven asset.