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Tuesday, August 04, 2026
Dubai gold prices edge higher as US-Iran diplomacy lifts sentiment
By Vijay Valecha in 'Century in News'
Vijay Valecha, Tue, Aug 4, 2026 Khaleej Times
Analysts say renewed diplomacy between the US and Iran was a driver of gold, with President Donald Trump announcing a new round of negotiations, though Iran denied itGold prices in Dubai edged higher on Tuesday morning after the United States announced a new round of talks with Iran, boosting investor sentiment despite expectations that interest rates will remain elevated.
The 24K variant of the precious metal was trading at Dh489.75 per gram at the opening of markets on Tuesday, August 4, up from Dh485.50 at the close of the markets on Monday.
The other variants, 22K, 21K, 18K, and 14K, remained unchanged from the rates the day before, trading at Dh453.50, Dh434.75, Dh372.75, and Dh290.75, respectively.
Globally, spot gold prices were up 0.63 per cent, trading at $4,060 per ounce. Silver was trading at $58.8 per ounce, up 1.9 per cent.
Analysts said renewed diplomacy between the US and Iran was a driver of gold, with US President Donald Trump announcing a new round of negotiations, though Iran denied it.
"Improved risk appetite following renewed diplomacy between the United States and Iran was a driver of gold, as President Trump announced that a new round of negotiations would commence this week," said Vijay Valecha a, chief investment officer at Century Financial.
He added that easing fears of an immediate military confrontation pushed oil prices lower, reducing short-term inflation concerns. However, gold continues to face pressure from expectations that interest rates will remain higher for longer.
"The Fed left policy rates unchanged last week, but several officials dissented in favour of a rate hike, signalling that inflation remains a concern. Despite that, gold has held up well amid continued global economic and political uncertainty," Valecha said.
From a technical perspective, he said gold remains in a consolidation phase, trading within a range of $4,025 to $4,125 per ounce.
Silver is also consolidating after its recent rally, trading around $58.17 per ounce below the key $60 psychological level.
"A break above $59.80 could reopen the path toward $61.00, while a drop below $57.35 may trigger a move toward the $56.00 support level," Valecha added.
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