Dubai gold climbs to Dh521.25 as markets weigh US-Iran agreement
Silver slips as precious metals pause after recent gains
DUBAI – Dubai’s gold market remained firm on Wednesday, with retail prices inching higher after a mixed start to the week.
The latest rates released by Dubai Jewellery Group showed gains across most major categories compared with Tuesday, while remaining slightly below Monday’s levels.
The movement comes as international gold prices hold near a one-week high amid investor focus on the US Federal Reserve, the US dollar, oil markets and developments surrounding Iran.
Dubai gold rates
According to Dubai Jewellery Group, the suggested retail gold jewellery price on Wednesday stood at Dh521.25 per gram for 24K gold, Dh482.50 for 22K, Dh462.75 for 21K and Dh396.75 for 18K. The 14K rate was Dh309.25 per gram.
Compared with Tuesday, 24K gold rose by Dh0.50 per gram from Dh520.75, while 22K increased by Dh0.25 from Dh482.25. The 21K and 18K categories also gained Dh0.25 and Dh0.50 respectively. The 14K rate remained unchanged.
Despite the daily increase, prices were still slightly lower than Monday’s levels. On June 15, 24K gold was priced at Dh521.75 per gram, while 22K stood at Dh483.00, 21K at Dh463.25, 18K at Dh397.00 and 14K at Dh309.75. This means current rates are between Dh0.50 and Dh0.75 lower than the start of the week across most categories.
Global gold market
Internationally, spot gold traded at $4,331.29 per ounce on Wednesday morning, remaining close to the one-week high of $4,370.82 reached on Monday. US gold futures for August delivery were marginally lower at $4,351.40 per ounce.
Investors are closely watching the Federal Reserve’s policy announcement, the first Federal Open Market Committee meeting chaired by Kevin Warsh. Market expectations suggest most policymakers will keep borrowing costs unchanged through the year, although traders continue to price in the possibility of a rate increase later in 2026.
The direction of US interest rates remains a key factor for bullion. Higher rates typically reduce the appeal of non-yielding assets such as gold, while a softer monetary outlook can support demand.
Geopolitical developments are also influencing market sentiment. Attention remains on the emerging US-Iran interim agreement, which President Donald Trump said would prevent Tehran from obtaining a nuclear weapon. Reports indicate the agreement could allow Iran to resume oil sales once finalised.
The prospect of additional Iranian crude entering the market has kept oil prices near three-month lows. Easing energy prices have helped reduce inflation concerns, a factor that investors are weighing alongside Federal Reserve policy and movements in the US dollar.
Other precious metals
Among other precious metals, spot silver slipped 0.2 percent to $70.05 per ounce.
Platinum declined 0.7 per cent to $1,792.05, while palladium fell 0.8 per cent to $1,341.23 per ounce as traders adopted a cautious stance ahead of key economic and geopolitical developments.