Gold Prices In Dubai Steady In Early Trade All Eyes On Trump's Iran Deadline

2026-04-07 04:17:24

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

Gold prices were steady in Dubai on Tuesday morning as markets focused on US-Iran tensions ahead of US President Donald Trump's deadline for Tehran.

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The 24K gold price remained steady at Dh561.50 per gram on Tuesday, while 22K, 21K, 18K and 14K were trading at Dh520.00, Dh498.50, Dh427.25 and Dh333.25 per gram, respectively.

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Spot gold was unchanged at $4,657.15 per ounce, while silver rose 0.1 per cent to $72.91 per ounce.

The US president has threatened strikes on Iran's power plants and civilian infrastructure if the Strait of Hormuz is not reopened on Tuesday.

The ongoing Middle East conflict has now entered its sixth week, significantly impacting global markets due to surging energy prices, with Iran keeping the Strait of Hormuz closed.

Markets remain uncertain, with Trump's comments oscillating between calls to withdraw troops from Iran and threats of severe strikes on the country's infrastructure.

After extending his deadline from 48 hours to 10 days, Trump said last week that troops would leave even if no deal is reached. However, he later warned of severe strikes on Iran over the next two to three weeks, including potential attacks on civilian infrastructure if no agreement is reached.

Linh Tran, a market analyst at xs, said there is growing caution in the market as macro factors have yet to provide a clear directional catalyst.

“Following the strong rally seen previously, the market appears to be undergoing a phase of repositioning, with profit-taking and deleveraging activity emerging ahead of key economic data releases.

“In the near term, attention will shift toward a series of critical US economic indicators, including GDP, CPI and particularly PCE – the Federal Reserve's preferred inflation gauge. These data points will play a decisive role in shaping policy expectations. Should inflation remain elevated or fail to cool sufficiently, yields are likely to stay high, thereby maintaining downward pressure on gold,” she said.

“Conversely, a clearly weaker set of data could revive expectations for rate cuts and provide support for a recovery in gold prices. The current pullback is more likely a technical correction and repositioning phase rather than a structural trend reversal. However, in the short term, gold continues to face headwinds from a high interest rate environment and a strong US dollar, limiting its upside potential. The next directional move will largely depend on whether upcoming inflation data is weak enough to shift market expectations,” Tran added.