Gold Prices Jump Over Dh12 Per Gram In Dubai After US, Israel, Iran Ceasefire

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

Gold prices jumped by more than Dh12 per gram in Dubai on Wednesday after the US, Israel and Iran reached a ceasefire, hitting a new three-week high.

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The 24K gold pric rose to Dh578.75 per gram at the market open on Wednesday, compared to Dh566.25 per gram at the market close on Tuesday - a gain of Dh12.5 per gram.

Similarly, the 22K gold price jumped by Dh11.75 per gram to Dh536.0 per gram in early trade on Wednesday. Among other variants of the precious metal, 21K, 18K and 14K gold were trading at Dh514.0, Dh440.5 and Dh343.5 per gram, respectively.

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Globally, spot gold surpassed the $4,800 mark, trading at $4,802.37 per ounce, up 3.1 per cent. Silver jumped 6.7 per cent to $76.72 per ounce.

The US, Israel and Iran on Wednesday agreed to a ceasefire, easing concerns over energy-driven inflation. Pakistan, which has been mediating between Washington and Tehran, requested a two-week extension to allow diplomacy to proceed.

Following the ceasefire announcement, oil prices also plunged below $100 a barrel, with WTI and Brent trading at $96 and $95 a barrel, respectively, on Wednesday morning.

“This is a knee-jerk relief rally and it remains to be seen if Iran complies. For gold, the 200-day moving average at $4,930 and then $5,000 will be key hurdles. Similarly, $80–$81 is an important level for silver," independent metals trader Tai Wong told Reuters.

Michael Brown, senior research strategist at Pepperstone, said markets are now likely to focus on ensuring that the ceasefire holds.

“Participants will also be looking towards progress being made in upcoming peace talks between the US and Iran, as well as seeing evidence that commodity flows through Hormuz are beginning to normalize,” he said.

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