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Tuesday, July 28, 2026
Gold prices in Dubai fall Dh4 per gram as US, Iran hold fire
By Vijay Valecha in 'Century in News'
Vijay Valecha, Tue, July 28, 2026 Khaleej Times
Analysts say that apart from the US’ cessation of two-week strikes against Iran, investors are concerned with inflation
Gold prices in Dubai fell by Dh4 per gram on Tuesday morning as hopes of a ceasefire between the US and Iran weighed on safe-haven demand, while investors remained focused on the outlook for US interest rates.
The 24K gold price in Dubai was trading at Dh487 per gram, down from Dh491 at the close of the markets on Monday. The other variants, 22K, 21K, 18K, and 14K, were trading at Dh451, Dh432.25, Dh370.50, and Dh289, respectively.
Globally, spot gold was trading at $4,041 per ounce, down 0.82 per cent. Silver lost around 2.17 per cent, trading $57.13 per ounce.
Analysts say that apart from the US’ cessation of two-week strikes against Iran, investors are concerned with inflation.
“The metal remains in a broader downtrend, which outweighs the short-term optimism,” Vijay Valecha, CIO of Century Financial, said. “This is because inflationary concerns still persist, increasing the likelihood of rate hikes.”
He added that market participants will closely track the Federal Open Market Committee (FOMC) meeting as renewed tensions in the Middle East have triggered a rise in energy costs.
The probability of the current rates being maintained is 70 per cent after Trump declared a ceasefire, Valecha said, citing CME FedWatch data. “However, markets are still pricing an 88 per cent probability of a rate hike by the end of the year. This suggests that the metal continues to remain under pressure until inflation concerns linger,” the analyst added.
“Technically, the metal has mostly stayed within a range over the past month, between $ 3,945 and $4,160. A decisive breakout and close above $ 4,160 would suggest increasing bullish momentum. Otherwise, it may test its recent support at $4022, followed by $3,945. It also respects a long-term downward trendline connecting the highs of $5,420, $4,774, and $4,130, respectively.”
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