As US-Iran tensions increased oil prices and heightened concerns about inflation in the US economy, gold prices in Dubai dropped on Tuesday morning, losing Dh4.5 per gram in early trade. The price of 24K gold was selling at Dh545.25 per gram, down from Dh549.75 per gram at Monday’s market closing, according to data from the Dubai Jewellery Group.Spot gold was down 0.9% at $4,529 an ounce. Silver fell 2% to Dh281.35 an ounce.
As US Marines attacked targets in southern Iran on Monday, including boats trying to plant explosives and missile launch sites, Brent crude surged 2.5% to $98.54 per barrel on Tuesday morning. As Iran’s senior negotiator and foreign minister met with Qatar’s prime minister in Doha to discuss a possible agreement with the US to end the three-month-old conflict, Washington and Tehran downplayed expectations of an impending breakthrough in peace negotiations.
According to Kelvin Wong, a senior market analyst at Oanda, “the harm done to Middle Eastern oil production facilities could actually prevent a rapid normalization of oil flows into the rest of the world from the Middle East, even though we have a peace deal that is being worked out between the US and Iran.
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