After experiencing a significant drop of over Dh11 per gram during the previous session, gold prices in Dubai staged a notable recovery during early Tuesday trade. The 24K variant saw a rise to Dh544.25 per gram, climbing from its Monday closing rate of Dh539.75. Similarly, the 22K gold price regained momentum, moving back above the Dh500 mark to reach Dh504 per gram. Other variants followed this upward trend, with 21K, 18K, and 14K gold trading at Dh483.25, Dh414.25, and Dh323.0 per gram, respectively. Globally, spot gold climbed 0.9 percent to hit $4,517 per ounce, while silver also saw a one percent increase to $75.8 per ounce.

Market sentiment appears to be shifting as investors digest the news of a partial ceasefire between Hezbollah and Israel. While this development offers a glimmer of hope for de-escalation, traders remain cautious, closely monitoring US-Iran diplomatic discussions alongside persistent anxieties regarding inflation and potential interest rate adjustments. Looking ahead, market participants are keeping a close watch on upcoming US non-farm payroll data and employment reports. These economic indicators are expected to provide critical insights into the strength of the labor market against the backdrop of ongoing geopolitical tensions in the Middle East.