Gold slips in Dubai as Trump peace-talk comments ease Iran war fears.
Dubai: Gold prices in Dubai edged lower on Wednesday morning, tracking a slight pullback in global bullion as easing geopolitical tensions around the Iran conflict dampened safe-haven demand after Tuesday’s gains.
In Dubai, 24K gold slipped to Dh581.50 per gram from Dh582.00 yesterday, while 22K eased to Dh538.50 from Dh539.00—a modest decline that reflects cautious sentiment in bullion markets amid easing geopolitical risk, following US President Donald Trump’s remarks that talks to end the Iran conflict could resume within days.
The dip marks a reversal from Tuesday’s gains, when Dubai gold prices rose amid heightened uncertainty over the conflict and rising tensions around the Strait of Hormuz.
Those gains reflected investor caution despite emerging diplomatic signals, but today’s softer prices suggest markets are now responding more strongly to expectations that US–Iran negotiations could help prevent further escalation in the region.
According to The Wall Street Journal, ships departing Iranian ports have been turning back when directed by US forces enforcing a blockade around the Strait of Hormuz, citing officials. The report said no interdictions have been recorded, and that enforcement activity is unlikely within the Arabian Gulf.
Meanwhile, more than 20 commercial vessels have recently transited the strait, indicating improved traffic flow through the strategic maritime chokepoint.
Gold prices in Saudi Arabia
In Saudi Arabia, gold prices were unchanged, indicating a stable retail market. The 24K rate held steady at SAR 600 per gram, while 22K remained at SAR 548.
The lack of movement suggests that buyers in the Kingdom are waiting for clearer geopolitical signals before reacting to international bullion trends.
Indian prices rise sharply
India, however, saw a notable increase in domestic gold prices, driven by strong seasonal demand ahead of the Hindu festival of Akshaya Tritiya on April 19, along with rupee-related pricing pressures.
24K gold rose to ₹15,535 per gram (₹155,350 per 10 grams), up from ₹15,393 the previous day.
22K gold climbed to ₹14,240 per gram (₹142,400 per 10 grams), compared with ₹14,110 earlier.
The sharp rise in India contrasts with softer trends in the Gulf, reflecting a combination of currency effects, import costs, and steady retail buying despite easing global prices.
Globally, spot gold edged lower after briefly hitting a one-month high earlier in the session, as the US dollar strengthened and hopes of renewed US–Iran peace talks improved overall market sentiment.
Spot gold fell 0.3% to $4,828.07 an ounce after earlier touching its highest level since March 18, while US gold futures for June delivery were steady at $4,851.30.
Reuters reported that bullion is still up 1.6% for the week, but analysts say US President Donald Trump’s comments on potential talks in Pakistan have shifted markets into a more “risk-on” mood, prompting a pullback from defensive assets like gold.
Oil prices also declined, while equities advanced on expectations that Iran may return to negotiations, easing concerns over potential disruption in the Strait of Hormuz.
