Gold Prices in Dubai Rebound Following US-Iran Peace Roadmap
Gold prices in Dubai saw a notable recovery on Monday, climbing by Dh3.75 after dipping below the Dh500 mark at the close of last week. As markets opened, the 24K variant reached Dh503.75 per gram, marking a rebound from Friday’s closing price. This upward trend extended across other categories as well, with 22K gold rising to Dh466.50 per gram, while 21K and 18K variants saw similar gains, trading at Dh447.25 and Dh299.0 per gram, respectively. Globally, spot gold rose by 1.29 percent to $4,196.28 an ounce, while silver staged a strong recovery, recouping nearly all of the 4 percent value it had shed just days prior.
The recent price volatility was largely driven by a combination of a strengthening US dollar and the Federal Reserve’s hawkish policy signals. While the precious metal faced downward pressure last week, sentiment shifted as news broke that the US and Iran have agreed on a roadmap to establish a ceasefire within the next two months. Despite this geopolitical development, market analysts believe the primary driver for gold remains the upcoming US economic data. Experts note that investors are closely monitoring these indicators to determine if the Federal Reserve, under Kevin Warsh, will maintain its restrictive stance or pivot toward easing as the market seeks stability.