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Gold prices in Dubai opened lower on Monday, with 24-karat gold slipping Dh3.5 per gram to Dh544.0 in early trade, Khaleej Times reported, citing Dubai Jewellery Group data.
Investors tracked developments around a potential US-Iran ceasefire agreement, while a firmer US dollar and rising crude oil prices added pressure to global bullion markets.
What is the gold price in Dubai today?
Dubai gold prices eased at Monday's open, with 24K gold at Dh544.0 per gram, down from Dh547.5 at the previous session's close.
Other variants also declined: 22K at Dh503.75, 21K at Dh483.0, 18K at Dh414.0 and 14K at Dh323.0 per gram.
How are US-Iran ceasefire talks affecting gold prices?
In international markets, spot gold slipped 0.15% to $4,516 an ounce, while silver rose 1% to $75.66 an ounce. Bullion came under pressure from a firmer US dollar and rising crude oil prices, even as investors remained cautious ahead of a decision by US President Donald Trump on a proposed extension of a ceasefire arrangement with Iran.
Trump said on Friday he would decide soon on the proposal, though key differences between Washington and Tehran on core issues of the conflict remain unresolved. The uncertainty kept traders on edge at the start of the week.
"Oil's uptick in price, combined with the still-elusive US-Iran deal, is just enough to keep gold off balance at the start of the week," said Tim Waterer, chief market analyst at KCM Trade.
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