Gold prices in Dubai jumped sharply on Monday morning as investors sought safe-haven assets amid escalating regional tensions between the US, Israel, and Iran. The first trading session following the weekend conflict saw a notable increase in gold values across multiple karat levels.

According to the Dubai Jewellery Group, 24K gold opened at Dh645.25 per gram, up from Dh636.0 per gram at the previous close. Other popular purities also rose, with 22K at Dh597.5, 21K at Dh573.0, 18K at Dh491.0, and 14K at Dh383.0 per gram. Spot gold was trading at $5,353.8 per ounce, marking a 1.43% increase at 9:10 am UAE time, while silver opened at Dh344.13 per ounce, slightly giving up earlier gains.

Gold has long been considered a traditional safe-haven asset, and its recent performance reflects heightened global political and economic uncertainty. Analysts note that the ongoing military developments in the Middle East are likely to sustain strong demand for precious metals in the short term.

Ross Norman, an independent market analyst, stated that gold serves as a key indicator of global uncertainty, suggesting that prices could continue to reach new records as geopolitical tensions persist. Rania Gule, senior market analyst at xs.com, emphasized that the upward trend is also influenced by broader monetary and economic conditions, including potential fluctuations in energy prices and interest rate considerations.

Investors are closely watching the situation, with gold expected to remain well-supported as long as political uncertainty continues, potentially testing new highs if tensions prolong.