Dubai Gold Prices Trend Downward As US-Iran Talks Start Tomorrow

(MENAFN- Khaleej Times) Gold prices were trending down at the opening of the markets in Dubai on Thursday, in line with global trends, as geopolitical tension eased slightly amidst US-Iran talks set to begin on Friday.

At 9am UAE time, the 24K gold price fell to Dh586.0 per gram, reflecting a downward trend in global precious metal prices.

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Among the other variants of the precious metal, 22K, 21K, 18K and 14K were selling at Dh542.75, Dh520.25, Dh446.0 and Dh347.75 per gram, respectively.

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Spot gold was trading at $4,853 per ounce, representing a 1.5 per cent decrease.

It hit $5,000 on Wednesday evening due to geopolitical tensions around the world, but as US-Iran talks progressed and concerns around war eased, it slipped below $5,000 mark.

The US and Iran have agreed to hold talks in Oman on Friday, officials for both sides said, even as they remained at odds over Washington's insistence that negotiations include Tehran's missile arsenal and Iran's vow to discuss only its nuclear programme.

Analysts have cautioned UAE investors and residents to take a wait-and-watch approach amidst extreme volatility in the commodity market due to US-Iran talks.

Gold continued to climb above the $5,000 per ounce level, which in itself is an important signal following the recent bout of sharp volatility. Notably, the metal has staged a strong recovery, rising by roughly 15 per cent from its low after undergoing a steep correction.

“The initial selloff bore the hallmarks of a positioning- and leverage-driven liquidation, rather than a deterioration in the underlying fundamental narrative. Heavily leveraged long positions were forced to reduce exposure in what amounted to a rapid and arguably exaggerated selloff across the broader metals complex,” said Ahmad Assiri, research strategist at Pepperstone.

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