Gold prices in Dubai have staged a notable recovery this Friday, climbing steadily after hitting a two-month low earlier in the week. As markets opened, 24K gold rose to Dh284.50 per gram, up from its closing price of Dh283.0 on Thursday. This uptick follows a period of decline that saw the metal drop to as low as Dh280.75 per gram on May 27. Similarly, other variations including 22K, 21K, 18K, and 14K also saw gains, reflecting a broader positive sentiment in the local market.

The resurgence in gold prices comes as investors closely watch international developments, including reports of a potential US-Iran ceasefire agreement. While global markets are reacting to these geopolitical shifts, they are also grappling with persistent inflation concerns and the Federal Reserve’s likely decision to maintain interest rates for the foreseeable future. Despite these complex macroeconomic factors, experts remain optimistic about the metal's performance, with analysts noting that the technical outlook for gold continues to lean in a positive direction.