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Dubai gold price steady as oil rises, Fed rate hike weighs on market
After US data showed the pace of price gains marched higher in August, the Federal Reserve is widely expected to raise rates this week, a move that would negatively affect gold prices, analysts said
- PUBLISHED: Tue 15 Sept 2026, 9:23 AM
Gold prices in Dubai remained steady on Tuesday morning, as rising oil prices and expectations of a US Federal Reserve rate hike this week weighed on the precious metal.
The 24K variant of the yellow metal was trading at Dh518.75 per gram at the market open on Tuesday, while 22K, 21K, 18K, and 14K were trading at Dh480.50, Dh460.50, Dh394.75, and Dh308, respectively.
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The global spot gold price was trading at $4,304 per ounce, down 0.18 per cent. Silver was trading at $63.26 per ounce, down 0.62 per cent.
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Vijay Valecha, financial analyst and CIO at Century Financial, said the increase in oil prices was due to the postponement of the planned meeting between Iran and several Gulf nations, with aims to create a temporary shipping lane through the Strait of Hormuz.
The shutdown of the Saudi East-West Pipeline over the weekend has also led to further pressure, he said. “The Middle East crisis has delivered an inflationary jolt to the global economy, with prices of crude, natural gas, and petroleum products, including diesel, rallying,” Valecha explained.
“Even before the assault on the East-West conduit, oil output from the kingdom had been under pressure. Riyadh recently reported to the OPEC cartel that its crude production last month sank to the lowest level since 1990. After US data showed the pace of price gains marched higher in August, the Federal Reserve is widely expected to raise rates this week, a move that would negatively affect gold prices.”
He added, “From a technical standpoint, though, gold is forming a triangle formation on the 4-Hour chart; it must be noted that the metal is facing technical weakness at the $4,310-$4,325 support zone. Looking ahead, a breakdown of the $4,310 level could trigger a bearish move toward $4,225. On the flip side, a bounce from this level could support a bullish stance.”
Hind Aldah is a business reporter based in Sharjah. In her spare time, you will find her playing classical guitar, painting amateur oil paintings, or crocheting the same old scarf that leads nowhere.