Gold Prices Drop In Dubai, Lose Most Of The Gains Achieved After Ceasefire

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

Gold lost most of the gains achieved after the announcement of the ceasefire on Wednesday.

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The 24K gold price was trading at Dh569 per gram at market open on Thursday, down from Dh578.75 per gram on Wednesday morning, losing Dh9.75 per gram over the past 24 hours. The yellow metal jumped nearly Dh12 per gram on Wednesday morning after the US and Iran reached a ceasefire deal.

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Similarly, other variants also fell on Thursday, with 22K, 21K, 18K and 14K trading at Dh526.75, Dh505.00, Dh433.00 and Dh337.75 per gram, respectively.

Globally, spot gold was trading at $4,702.65 per ounce, down 0.65 per cent at 9.30am UAE time.

Silver was down 1.78 per cent at $73.96 per ounce.

Markets are looking forward to ceasfire negotiations which will take place in Pakistan's capital Islamabad on Saturday.

Vijay Valecha, chief investment officer at Century Financial, said immediate fears around disruption in the Strait of Hormuz, responsible for roughly 20 million barrels per day of global oil flows, have eased, triggering a sharp unwind in geopolitical risk premium.

He said gold is currently being driven almost entirely by macro and geopolitical factors.

“Technically, gold remains in a well-defined ascending channel that has been intact since March 23. The structure is clearly bullish, with higher lows consistently respected and price rebounding strongly from the lower bound of the channel,” he added.

Valecha said silver is showing clear relative strength in the current risk-on environment, with price action now being driven by both momentum and a key structural breakout.

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