Dubai gold prices were set to finish the week lower, with 24-karat gold declining Dh40 over a 28-day span from Dh554.50 on August 27 to Dh514.25 per gram on Friday, Gulf News reported. As of Friday, 22-karat gold traded at Dh476.25 per gram, while 14-karat gold stood at Dh305.25 per gram.
Bullion experienced downward pressure throughout the week as elevated energy prices and inflation concerns drove US bond yields higher, reinforcing expectations of further monetary tightening by the US Federal Reserve. Spot gold rose slightly by 0.02% to $4,263.34 an ounce in Dubai on Friday morning, hovering near $4,300 an ounce but remaining approximately 2% below its level from the prior Friday.
Oil prices retreated after surging more than 7% across the previous two trading sessions amid reports that negotiators were considering a phased agreement under which Iran would reopen the Strait of Hormuz in return for the United States lifting a port blockade. Spot silver traded up 0.01% at $63.55 an ounce.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, told Gulf News that gold remains comfortably above its June-July lows near $4,000 despite deterioration in traditional macroeconomic drivers. Hansen noted that there has been little evidence of large-scale investor liquidation, citing unbending Chinese demand as a significant pillar supporting gold prices.
Sources
- Gulf News · 2026-09-25
