Gold prices remained stable in Dubai on Wednesday morning despite Israel’s attack on Qatar late Tuesday.
By 9:30 AM UAE time, 24K and 22K gold were priced at Dh439.0 and Dh406.5 per gram, respectively, slightly below their peak earlier this week.
Meanwhile, 21K and 18K were trading at Dh389.75 and Dh334.0 per gram, respectively.
Spot gold held steady at $3,641.75 per ounce at 9:40 AM UAE time.
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On Tuesday evening, Israel launched an attack on a residential area in Doha, Qatar, raising concerns about regional geopolitical tensions.
The airstrike aimed at Hamas political leaders in Qatar marks an escalation of Israel’s military actions in the Middle East.
“Gold hit new records — driven by safe-haven demand amid escalating Middle East tensions — while crude oil remains in demand due to geopolitical factors and diminishing hopes in Ukraine,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
The surge in gold prices has been largely fueled by global geopolitical tensions, expectations of interest rate cuts, and central bank purchases.
