Gold prices in Dubai steady amid renewed US-Iran attacks

Vijay Valecha, Wed, July 29, 2026 Khaleej Times

The yellow metal is down by almost 25 per cent from the highs created in January, analysts say

Gold prices are largely steady despite concerns over interest rate hikes and inflation stemming from the Middle East war amid high oil prices.

Gold prices in Dubai remained steady despite renewed hostilities in the region after Iran launched attacks on its adversaries.

The 24K variant in Dubai was trading at Dh485.25 per gram at the market open on Wednesday, losing only 25 fils in one day. The other variants, 22K, 21K, 18K, and 14K, were trading at Dh449.25, Dh430.75, Dh369.25, and Dh288, respectively.

Globally, spot gold was trading at $4,027.84 per ounce as of 9.10am UAE time, down 0.24 per cent. Silver gained 0.58 per cent, trading at $56.71 per ounce.

Gold continues to be a safe-haven asset despite renewed hostilities between the US and Iran. The two halted attacks over the weekend until Tehran launched ‘surprise attacks’ on Wednesday morning.

The yellow metal is down by almost 25 per cent from the highs created in January, analysts say, and history shows it takes some time for bullion to recover from peaks.

Inflation concerns still persist amongst investors, as WTI oil stands at $81.60, nearly 15 per cent higher than last month, overshadowing the short-term optimism from Trump's announcements.

Market participants will also closely track the Fed meeting this Wednesday as renewed tensions in the Middle East have triggered a rise in energy costs, Vijay Valecha, CIO of Century Financial said.

“According to CME FedWatch, the probability of the current rates being maintained is at 64 per cent,” the analyst said. “However, markets are still pricing a 90 per cent probability of a rate hike by the end of the year. Expectations of a rate hike typically increase pressure on non-yielding metals, making them less attractive.”

“Technically, the metal is trading at $4,050 and has mostly stayed within a range over the past month, between $3,945 and $4,160. The daily 14-period Relative Strength Index has also not crossed the 50 level since April, indicating a lack of positive momentum. It also respects a long-term downward trendline connecting the highs of $5,420, $4,774, and $4,130, respectively.”

Valecha added that a break below its recent support at $4,022 may lead to testing the lows of $3,945. Conversely, only a decisive breakout and close above $4,160 would suggest increasing bullish momentum.

Khaleej Times