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Dubai gold prices steady as 24K trades below Dh500 per gram
Analyst says outlook for gold looks considerably brighter than earlier in the past few weeks, when the market was eyeing a move towards the $3,900 range
- PUBLISHED: Tue 7 Jul 2026, 9:16 AM UPDATED: Tue 7 Jul 2026, 9:36 AM
Gold prices were steady in Dubai on Tuesday morning as markets awaited US Federal Reserve minutes for direction.
The 24K gold price was trading at Dh499 per gram at the market open on Tuesday, while 22K, 21K, 18K and 14K were trading at Dh462, Dh443, Dh379.75 and Dh296.25 per gram, respectively.
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Spot gold was trading at $4,130 per ounce, down 0.67 per cent on Tuesday morning.
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Ahmad Assiri, research strategist at Pepperstone, said gold rallied last week after markets interpreted comments from US Federal Reserve Chairman Kevin Warsh as less hawkish than previously priced.
“This has pushed US Treasury yields lower, weakened the US dollar slightly and lifted gold toward $4,200 as investors scaled back expectations for monetary tightening. Gold gave back part of its gains, although overall sentiment stayed modestly positive for the yellow metal after weeks of strong selling pressure. US Treasury yields remain the dominant driver of gold prices as markets reduced expectations for a rate hike this year,” he said.
“In my view, gold is likely to remain under pressure, with elevated yields continuing to cap demand. That said, the outlook looks considerably brighter than earlier in the past few weeks, when the market was eyeing a move towards the $3,900 range. At the core of this, markets still cannot pin down Warsh's policy outlook, as he continues to avoid providing forward guidance, hence introducing high volatility into the yield curve and, in turn, the metal,” added Assiri.
