Gold prices in Dubai witnessed a massive surge on April 8. According to market reports, the rate for 24K gold rose AED11.25 to AED577.50, and 22K gold jumped from AED10.50 to AED534.75.
On April 8, 2026, the 21K gold went up AED10.00 to AED512.75, 18K gold climbed AED8.75 to AED439.50, and 14K gold increased AED6.75 to AED342.75. Also, other precious metals like silver prices rose by 6.45 percent to $76.53 per ounce, and platinum increased by 3.72 percent to $2,039.45/oz.
The surge in prices comes after Iran promised to reopen the Strait of Hormuz for 2 days. This decision is based on US President Donald Trump's call for a ceasefire. Notably, the Strait of Hormuz is a key route for approximately 20 percent of global oil transit.
This pact was mediated by Pakistan after the urgent diplomatic talks between the US and Iran. Meanwhile, Iran has also demanded that tensions be reduced and the war end as soon as possible.
The US-Iran deal has impacted the global market on different levels, especially the financial markets, which responded rapidly. Oil prices dropped by more than 15 percent, risk-sensitive assets improved, and the dollar faced selling pressure. During Wednesday’s Asian trade, the US Dollar Index dropped by about 1 percent. Thus, it reduces the cost of bullion for consumers using alternative currencies.
Although gold is usually considered a safe haven, the global gold markets shook amid ongoing US-Iran geopolitical conflicts. However, last month, rising oil costs fueled inflation and raised concerns that the U.S. Federal Reserve could maintain high interest rates for an extended period. Given the current market conditions, experts warn that market instability may persist unless the conflicts end permanently.