20/05/2026 03:47 AST
Gold prices in Dubai remained steady for a third consecutive week as the US postpones its attack on Iran on Tuesday.
The 24K variant of the precious metal was trading at Dh547.25 at the market open on Tuesday.
The other variants, 22K, 21K, 18K, and 14K, saw only slight adjustments, trading at Dh506.75, Dh486, Dh416.50, and Dh325, respectively.
Globally, gold was trading at $4,548.35 (Dh16,708.92), rising from its lowest level since March 30 on Monday morning. Silver was trading at $76.55 (Dh281.32),
Since March 17, gold prices remained below the Dh600 mark, remaining between Dh529.25 to Dh573, according to data by gold jeweller group Joyalukkas.
US President Donald Trump said on Truth Social that large-scale attacks on Iran were underway should agreements fail. However, the president said that attacks were postponed at the request of several Gulf rulers, including UAE President Mohamed bin Zayed Al Nahyan.
Trump's post came after Iranian Foreign Ministry spokesperson Esmaeil Baghaei confirmed that Tehran's views had been "conveyed to the American side through Pakistan" but gave no details.
"Precious metals are extending declines as a lack of progress in reopening the Strait of Hormuz keeps oil prices, the US dollar and treasury yields elevated," Vijay Valecha, Chief Investment Officer of Century Financial, said.
"In today's session, gold is trading near $4,540 after falling 3.7 per cent last week. Silver is down almost 1 per cent at around $75, adding to last week's decline of almost 6 per cent. The intraday bias for both metals is moderately bearish."
Khaleej Times
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