DUBAI: Gold prices in Dubai were stable for the third straight week on Tuesday as the US puts its onslaught on Iran on hold. Gold was trading at $4,548.35 (Dh16,708.92) globally, after hitting its lowest level since March 30 on Monday morning. Silver was at $76.55 (Dh281.32) Gold prices have stayed below Dh600 level since March 17, ranging between Dh529.25 to Dh573, according to data by gold jeweller firm Joyalukkas.
US President Donald Trump claimed on Truth Social that if deals failed, huge scale attacks on Iran were begun. But the president said certain Gulf rulers, notably UAE President Mohamed bin Zayed Al Nahyan, requested attacks be delayed.
Trump’s statement followed confirmation by Iranian Foreign Ministry spokesperson Esmaeil Baghaei that Tehran’s opinions had been “conveyed to the American side through Pakistan” but without giving details.
The lack of progress on reopening the Strait of Hormuz continues to weigh on oil prices, the US dollar and treasury yields remain elevated, putting pressure on precious metals,” said Vijay Valecha, Chief Investment Officer of Century Financial.
The yellow metal is trading near $4,540 in today’s session after losing 3.7 per cent last week. Silver is down nearly 1 per cent at roughly $75 after down close to 6 per cent last week. “The intraday bias for both metals is slightly bearish.
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