UAE gold prices rebound sharply after Wednesday’s dip, tracking gains in global bullion markets.
Dubai gold prices rebounded on Thursday morning as renewed caution over the ongoing US–Israel–Iran conflict drove investors back toward safe-haven bullion. This reversed Wednesday’s softer trend, when easing ceasefire hopes briefly weakened demand for gold.
In Dubai, 24K gold rose to Dh582.50 per gram, up Dh4.50 from Wednesday’s Dh578.00, while 22K climbed to Dh539.25, gaining Dh4.00 from Dh535.25 a day earlier. The sharp increase indicates that traders are once again factoring geopolitical risk into bullion prices after yesterday’s decline, when optimism over potential diplomatic progress had briefly weighed on gold.
The rebound comes as international investors reassess whether optimism around a potential US–Iran agreement can be sustained, particularly with tensions in the Strait of Hormuz still unresolved — a key chokepoint for global energy flows and a critical risk factor for Gulf markets given the region’s heavy exposure to oil exports.
Saudi Arabia, India
In Saudi Arabia, gold prices remained steady, reflecting a more cautious domestic market response. 24K gold held at SAR 545.00 per gram, unchanged from the previous session, while 22K gold also stayed flat at SAR 550.00 per gram.
UAE retail gold markets typically react more quickly to shifts in international spot prices and currency movements.
In India, bullion prices edged higher ahead of the Hindu festival of Akshaya Tritiya on April 19. 24K gold rose to ₹155,560 per 10 grams, up from ₹155,350, while 22K gold increased to ₹142,600 per 10 grams compared with ₹142,400 previously.
International rates
Internationally, spot gold climbed to $4,830.82 an ounce, while benchmark prices rose 0.64 per cent to $4,832.02, supported by a weaker US dollar and softer US Treasury yields.
According to Reuters, bullion is gaining support as the US dollar slips to a six-week low, making gold cheaper for overseas buyers. At the same time, softer US Treasury yields are reducing the opportunity cost of holding non-yielding assets such as gold.
Market analysts describe current conditions as a “wait-and-watch” phase. Rania Gule, Senior Market Analyst at XS.com MENA, said gold is moving in a narrow range as investors balance fading immediate war fears, stronger equity markets, persistent inflation risks, and ongoing geopolitical uncertainties.
She added that while optimism around US–Iran relations has temporarily curbed panic-driven buying, gold continues to find strong long-term support from inflation concerns, central bank purchases—particularly from China—and the risk of sudden escalation in the Gulf region.
For now, analysts expect gold to remain volatile but broadly supported near elevated levels unless there is a clear geopolitical breakthrough or a significant shift in Federal Reserve policy.
