Gold prices in Dubai have surged past Dh600 per gram, reflecting heightened concerns amid escalating tensions between the United States and Iran. The geopolitical uncertainty has driven investors towards safe-haven assets like gold, causing a significant spike in local market prices.
Market analysts attribute the jump to fears of potential conflict and its impact on global oil supplies, which historically strengthens gold demand. Traders in Dubai, a key gold trading hub, have reported increased buying activity, pushing prices to new highs this year.
Key factors contributing to the price surge include:
- Increased geopolitical risks in the Middle East.
- Volatility in oil markets due to the US-Iran standoff.
- Global economic uncertainty prompting safe-haven buying.
Investors are advised to stay informed about ongoing developments, as the situation could lead to further fluctuations in gold prices. Dubai’s role as a major gold trading center means the city remains sensitive to such international conflicts, which influence both local and global precious metals markets.
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