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Tuesday, July 21, 2026
Gold prices in Dubai gain Dh5 per gram amid regional tensions
By Vijay Valecha in 'Century in News'
Vijay Valecha, Tue, July 21, 2026 Khaleej Times
A stable dollar has provided some support to bullion, but the broader backdrop remains challenging as rising oil prices fuel fresh inflation concerns, analysts sayGold prices in the UAE rose by Dh5 per gram on Tuesday morning, extending recent weakness as expectations of higher US interest rates and persistent inflation concerns continued to outweigh safe-haven demand driven by regional tensions.
The 24K gold price was trading at Dh488 per gram, up from Dh483 per gram at the close of markets on Monday, gaining Dh5.
Among the other variants of the precious metal, 22K, 21K, 18K and 14K slipped to Dh495.25, Dh474.75, Dh407 and Dh317.5 per gram, respectively, according to data by Dubai Jewellery Group.
Globally, spot gold gained 0.93 per cent, trading at $4,050 per ounce as of 9.10am UAE time. Silver also gained 1.84 per cent, trading at $57.87, after falling by 6.5 per cent over the previous week.
A stable dollar has provided some support to bullion, but the broader backdrop remains challenging as rising oil prices fuel fresh inflation concerns, analysts say.
Vijay Valecha, Chief Investment Officer of investment company Century Financial, said that recent events are creating a notable headwind for non-yielding assets like gold
“Brent crude climbed above $90 per barrel, increasing concerns that higher energy costs could keep inflation elevated. As per CME Fedwatch tool, markets are now pricing in an 80 per cent probability of a Fed rate hike by December, up from 73 per cent last week,” he said, adding that geopolitical escalations are also causing investors to weigh in on the safe haven assets against a backdrop of expected higher US interest rates.
“While geopolitical uncertainty continues to support some safe-haven demand, the inflationary impact of the conflict and higher-for-longer rate expectations are currently limiting gold’s upside,” he explained.
“From a technical perspective, the near-term bias remains bearish. On the four-hour chart, gold is trading within a descending channel and below key moving averages. Immediate resistance is seen around $4,040–$4,045 at the upper boundary of the channel, while support lies near $3,970, a level that has been tested multiple times recently. A sustained break above the channel could support a recovery, while a move below $3,970 could expose further downside towards $3,920.”
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