Dubai gold prices consolidate as inflation spooks traders

Vijay Valecha, Mon, Sept 21, 2026 Gulf News

24-kart gold opened this Monday at Dh 525 slightly lower from its previous close

Dubai: Gold prices in the UAE are stabilizing after seeing a positive upswing in the recent weeks. 24-kart gold opened this Monday at Dh 525 slightly lower from its previous close. Whereas 22-karat gold is trading at Dh486.00 , Dh2 cheaper from yesterday. Globally bullion dropped as much as 0.5% to below $4,360 an ounce, after posting a modest weekly gain.

Traders are keeping an eye out for comments from various State Fed policymakers, who are likely to discuss the need for another rate hike this year, in a bid to help cool inflation that hasn’t fallen below the Fed’s 2% target in more than five years. “The inflation that the American people are feeling every day is much beyond just oil prices — it’s in all aspects of the economy,” said Minneapolis Fed President Neel Kashkari in a TV interview.

Brent crude slid for a fourth straight session but held above $100 a barrel, with traders watching diplomatic moves to end the US-Iran war. Donald Trump told Fox News he'd "probably" be willing to sit down with Iranian President Masoud Pezeshkian on the margins of the UN General Assembly in New York. Meanwhile, the head of US Central Command said flows of crude and liquefied natural gas through Hormuz over the past two weeks are at their highest in six months.

“Oil prices have been falling on easing Middle East supply disruptions, reinforcing the disinflationary tailwind for gold. Gold-backed ETFs have seen inflows for eight consecutive days even through recent price weakness, pointing to strong underlying investor conviction”, says Vijay Valecha, Chief Investment Officer at Century Financial.

Spot gold was 0.5% lower at $4,355.83 an ounce as of 09:30 a.m. in Dubai. Silver added 0.2% to $66.22 an ounce. Platinum was flat, while palladium advanced. The Bloomberg Dollar Spot Index, a gauge of the US currency, was little changed after rising 1.1% last week.

Gulf News