Dubai Gold Prices Plunge Dh10 As Trump Offers No Clarity On Ending Iran War

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

Gold prices fell nearly Dh10 per gram in Dubai on Thursday morning, in line with global rates, after US President Donald Trump offered no clarity on ending the war with Iran.

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24K gold was trading at Dh563.25 per gram at the market open on Thursday, down from Dh573.00 per gram at the market close on Wednesday.

Among other variants of the precious metal, 22K, 21K, 18K and 14K fell to Dh521.5, Dh500.0, Dh428.75 and Dh334.25 per gram, respectively.

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Spot gold fell to $4,670.19 per ounce, down 2.41 per cent. Silver slumped 5.5 per cent to $71.81 per ounce.

In a speech delivered early Thursday morning from the White House, Trump offered little new insight into how the war would end and vowed two to three more weeks of "extremely hard" strikes against Iran.

He insisted that the US was nearing victory in Iran, as he laid out his case more than a month into a war that has sent his approval rating tumbling.

According to The Wall Street Journal, Trump may end military operations in Iran without reopening the Strait of Hormuz by force, to avoid mission creep.

“This shift leaves the global economy tied to oil at over $100 a barrel, effectively outsourcing the Strait's security to diplomatic efforts. This pressure acts as a double-edged sword for gold: it offers a hedge against instability but also boosts yields, making non-yielding assets less attractive,” said Simon Massabni, head of business development at xs.

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