Gold Prices In Dubai Jump Over Dh9 Per Gram Amid Ongoing US-Iran Military Conflict

2026-03-02 12:38:29

(MENAFN- Khaleej Times) [Editor's Note: Follow Khaleej Times live blog amid Israeli, US strikes on Iran for the latest regional developments.]

Gold prices jumped more than Dh9 per gram in Dubai on Monday morning as markets reacted to the regional conflict for the first time since war started on Saturday.

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The Dubai Jewellery Group data showed 24K gold price trading at Dh645.25 per gram at market opening on Monday morning, up from Dh636.0 per gram at the close over the weekend.

Similarly, 22K, 21K, 18K, and 14K were trading higher at Dh597.5, Dh573.0, Dh491.0 and Dh383.0 per gram, respectively.

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Spot gold was trading at $5,353.8 per ounce, up 1.43 per cent at 9.10 am UAE time.

Silver was trading at Dh344.13 per ounce at the market opening, giving up some earlier gains.

The precious metals were expected to open higher on Monday as investors rushed to safe-haven assets due to the ongoing military conflict between the US, Israel and Iran.

Gold, a traditional safe-haven asset, ‌has hit successive record highs ⁠already this year due to heightened global political and economic uncertainty

“Gold is perhaps the finest barometer to reflect global uncertainty and, ⁠to mix metaphors, the mercury is rising. We should expect gold to be repriced higher to fresh records as we enter a whole new era of geopolitical uncertainty,” Ross Norman, an independent analyst, told Reuters.

Rania Gule, senior market analyst for Mena at xs, said in the short term, gold should remain well supported as long as the political landscape remains unclear, with the potential to test record highs should tensions evolve into a prolonged situation.

“More importantly, this upward move cannot be viewed in isolation from monetary policy considerations; any sustained rise in energy prices could complicate interest rate-cut decisions, providing additional structural support for gold,” she added.

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