Gold prices in Dubai went up a bit on Friday. This happened because of a ceasefire between the United States, Iran and Israel. The ceasefire is helping to calm down the markets. There is still a lot of uncertainty.
In Dubais market 24K gold went up to Dh578.75 per gram. 22K gold went up to Dh536.00. Both went up by Dh1 compared to the day. The small increase happened after an increase the day before. This was because people were worried about problems in the Strait of Hormuz and slow progress in diplomacy.
The latest price change shows that traders are being careful. They are adjusting their positions. The ceasefire has reduced panic buying. Investors still see gold as a safe place to put their money.
Globally spot gold is still high at around $4,786 per ounce. This is the week in a row that it has gone up. Analysts think this is because the US dollar is weaker and people expect talks between Washington and Tehran.
In Saudi Arabia gold prices stayed the same. This shows that local buyers are being careful. In India gold prices went down a lot. 24K gold went down to ₹154,200 per 10 grams.
The drop in India shows how local factors like currency changes, imports and demand affect prices. This happens even when global prices are stable.
Market sentiment is mixed. The ceasefire has reduced fears of problems and lower oil prices have also helped. However there are still risks, around key energy routes. These risks keep gold prices high. Investors are watching to see if diplomatic progress breaks down. If it does prices could change a lot.
For now gold seems to be steady. Markets are weighing the diplomatic signs against the chance of new tensions.
