Gold prices ease in Dubai as investors await clarity on US-Iran talks

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Gold prices eased in Dubai on Tuesday morning as investors awaited clarity on US-Iran talks.

According to Dubai Jewellery Group data, the 24K gold price was trading at Dh577.00 per gram at market open, down from Dh580.50 per gram at the close of trading on Monday.

The 22K, 21K, 18K, and 14K variants of the yellow metal were also trading lower at Dh534.25, Dh512.25, Dh439.00, and Dh342.50 per gram, respectively.

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Spot gold was trading at $4,788 per ounce, down 0.45 per cent. Silver also trended lower, trading at $79 an ounce, down 1.1 per cent in early trade on Tuesday.

Senior US and Iranian officials are expected to meet in Pakistan in the coming days for a second round of talks aimed at ending the conflict in the Middle East. However, Tehran declined to confirm whether it would participate and accused the US of violating the truce through its blockade of Iranian ports and the seizure of a ship.

Analysts said gold has shown notable resilience around the $4,800 level, supported by demand during price dips.

They expect precious metal prices to continue being driven by US-Iran talks in the coming days.

Vijay Valecha, Chief Investment Officer at Century Financial, said any news of a ceasefire extension is likely to propel stock markets higher.