Dubai gold prices drop Dh10 per gram amid rising US-Iran tensions

Dubai gold prices recorded a sharp decline of Dh10 per gram on Monday morning, tracking a sudden shift in global spot markets. The price correction follows an escalation in geopolitical tensions between the United States and Iran, which has injected fresh volatility into the precious metals sector. Market reaction to regional tensions The Dh10 drop represents one of the most significant single-day fluctuations in recent weeks for the Dubai retail market. Typically viewed as a safe-haven asset during times of conflict, gold prices initially surged before succumbing to a corrective dip as traders assessed the potential for broader regional instability. Historically, sudden spikes in tension lead to rapid profit-taking by institutional investors, which can cause local retail rates to drop despite the underlying risk environment. In Dubai, retail outlets adjust prices multiple times daily based on the international spot gold rate. This Dh10 reduction affects all major denominations, including 24K, 22K, 21K, and 18K gold. For local consumers and investors, a double-digit drop in the dirham-denominated price often triggers an increase in footfall at the Dubai Gold Souq and major…