Gold Prices Recover In Dubai In Early Trade 22K Rises Above Dh500 Per Gram

Gold prices recovered on Tuesday morning after plunging over Dh11 per gram in yesterday's session.

The 24K gold price was trading at Dh544.25 per gram on Tuesday morning, up from Dh539.75 per gram at the close of markets on Monday.

The 22K gold price bounced back above Dh500, trading at Dh504 per gram in early trade.

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Among the other variants of the yellow metal, 21K, 18K, and 14K were trading at Dh483.25, Dh414.25, and Dh323.0 per gram, respectively.

Spot gold was above the $4,500 per ounce level, trading at $4,517 at 9am UAE time, up 0.9 per cent. Silver was up one per cent too, trading at $75.8 an ounce.

Investors parsed a partial ceasefire between Hezbollah and Israel and awaited further details on US-Iran negotiations amid growing concerns around inflation and interest rate hikes.

Lebanon on Monday announced a partial ceasefire between Hezbollah and Israel, in what would amount to a limited de-escalation of a conflict that has killed thousands of people and inflamed the broader war with Iran.

Moreover, investors are now looking out for US non-farm payroll data and the employment report, both due later in the week, to assess resilience in the labour market amid mounting inflation concerns due to the Middle East conflict.

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