Dubai: Gold Prices Remain Stable Amid Ongoing Iran-Israel Conflict
Gold prices in Dubai remained stable on Wednesday morning, bolstered by the ongoing military tensions in the Middle East.
The 24K variant of the precious metal was trading at AED 409 per gram, reflecting a slight increase from the previous evening’s close.
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Meanwhile, 22K, 21K, and 18K gold were priced at AED 378.75, AED 363.25, and AED 311.25 per gram, respectively.
Spot gold was trading at $3,394.53 per ounce, marking a 0.16% rise. Wael Makarem, a financial markets strategist at Exness, noted that gold’s stability is influenced by geopolitical developments and investor expectations regarding monetary policy.
As tensions escalate with intensified Israeli military actions against Iranian infrastructure and the ongoing conflict in Eastern Europe, demand for safe-haven assets like gold remains high. Investors are also closely monitoring the US Federal Reserve’s policy decision, expected later today.
While rates are anticipated to remain unchanged, any dovish remarks could enhance gold’s appeal as a non-yielding asset.
With positive inflows into gold-backed ETFs—21.7 tonnes added in the week ending June 13—the demand for gold continues to be supported amid heightened geopolitical risks.
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Khaleej Times
