Massive fluctuation of gold price in international market

Dubai: Gold prices in the global market have fluctuated sharply in recent weeks due to tensions between the US and Iran, putting pressure on gold’s traditional safe-haven status. Due to the rapidly changing market situation, gold fell by more than nine percent on some days, which was close to the biggest decline since 1983, while on some days it also recorded the biggest daily increase since 2008. The price of gold at one point exceeded $5,500 per ounce, but fell below $4,700 in a few days. Gold prices in Dubai also fell by 100 dirhams per gram in a few days, reflecting the uncertainty in the market. On Wednesday evening, gold was seen trading at $5,061 per ounce, which increased by 3.1 percent. In Dabney, 24-karat gold was sold for 609 dirhams and 22-karat for 563.75 dirhams per gram. On Wednesday evening, gold was seen trading at $5,061 per ounce, an increase of 3.1%. In Dubai, 24-karat gold was sold for 609 dirhams and 22-karat for 563.75 dirhams per gram. Gold prices fell on reports of possible talks between the US and Iran, but the incident of an Iranian drone being shot down by a US warplane later attracted investors back to safe-haven assets, especially gold. According to George Powell, general manager of Naga.com Middle East, tensions between the US and Iran are positive for gold as they increase geopolitical concerns. However, he said that possible talks could reduce investor concerns, which could put pressure on gold, but the situation is very delicate. He added, “Gold usually reacts abruptly to geopolitical tensions, and short-term gains can quickly end if things normalize.” According to analysts, gold prices are not only affected by US-Iran tensions, but interest rates and central bank purchases are also important factors. Michael Brown, senior research strategist at Pepperstone, said It is difficult to attribute the recent rally to these factors alone, it was mostly a technical recovery, but geopolitical risks and central bank purchases provide a strong basis in favor of gold. Experts advise investors to prioritize risk management, appropriate strategies and investments in various assets to avoid unexpected fluctuations, so as not to suffer from emotional decisions.