Gold prices inched higher in Dubai on Thursday morning amid concern on the US-Iran confrontation and President Donald Trump’s visit to China. 24K gold prices on Thursday opened at Dh566.5 a gram in the markets against Dh563.75 a gram at the close of trade on Wednesday.
Trump reached China ahead of the two-day visit to Beijing and met President Xi Jinping of China. The ostentatious meeting opened at Beijing’s cavernous Great Hall of the People where Xi received Trump on the red carpet, the leaders shaking hands and smiling warmly.
Meanwhile, world headlines continue to be dominated by US-Iran war rhetoric. “Demand from central banks remains an important pillar of support,” said Linh Tran, market analyst at XS.com. Central banks acquired a net 244 tons of gold in Q1 2026, up 3 percent year-on-year and above the five-year average, according to the World Gold Council.
This is in line with the ongoing trend of reserve diversification amid growing geoeconomic threats. In general, the outlook for gold is that it is no longer a one-dimensional response to US CPI data. Initially, high inflation hit the precious metal as yields rose and the US dollar rallied but the subsequent recovery shows that gold’s safe-haven role is starting to come back into focus,” she added.
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