Gold Prices Recover Slightly In Dubai In Early Trade

2026-06-04 04:23:30

(MENAFN- Khaleej Times) Gold prices recovered slightly in Dubai on Thursday morning as optimism grew among investors about a US–Iran peace deal, but the metal was still trading below $4,500 an ounce.

The 24K gold price opened at Dh539.75 per gram on Thursday, up from Dh536.00 per gram at Wednesday's close.

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Among other variants of the precious metal, 22K, 21K, 18K, and 14K were trading at Dh500.00, Dh479.25, Dh410.75, and Dh320.50 per gram, respectively.

Spot gold was up 0.8 percent at $4,473.60 an ounce. Silver was steady at $73.50 per ounce.

Simon-Peter Massabni, head of business development at xs, said gold is coming under pressure below the psychological $4,500 level as the market turns cautious ahead of the US nonfarm payrolls report, due on June 5.

“After failing to sustain its recovery above the $4,500-an-ounce area, gold has shown signs of stalling as investors refrain from opening large new positions before a data release that could directly influence expectations for the US Federal Reserve's interest-rate path. This suggests that the market is not clearly leaning toward a sharp sell-off, but buying momentum is also not strong enough to push prices back into a clear uptrend,” Massabni added.

Gold's short-term focus now lies in how the market reacts to US labor data.“If NFP continues to show that the labor market remains resilient, expectations that the Fed will keep interest rates higher for longer could be reinforced. In that case, the US dollar and Treasury yields may continue to hold an advantage, adding pressure on gold as the opportunity cost of holding a non-yielding asset increases. Under this scenario, gold could remain capped below the $4,500-an-ounce area and face the risk of retreating toward lower support zones,” he added.

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