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Gold prices in Dubai steady despite renewed hostilities in the region
Precious metal markets are looking whether the US Federal Reserve will raise interest rates, says Carsten Menke, the Head of Next Generation Research at Julius Baer
- PUBLISHED: Wed 8 Jul 2026, 9:28 AM
Gold prices in Dubai continued their steady momentum on Wednesday morning despite renewed Iranian attacks in the region.
The 24K gold price was trading at Dh497 per gram at the market open on Wednesday, while 22K, 21K, 18K and 14K were trading at Dh460.25, Dh441.25, Dh378.25 and Dh295 per gram, respectively.
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Spot gold was trading at $4,128.86 per ounce as of 9:10am UAE time, down 0.43 per cent. Silver was lost around 0.75 per cent, trading at $60.45 per ounce.
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On Wednesday morning, Iran launched strikes on key US military sites in neighbouring Bahrain and Kuwait, while the US launched strikes in southern Iran as a response to Iran disrupting commercial vessels in the Strait of Hormuz.
At the same time, gold and silver markets are looking whether the US Federal Reserve will raise interest rates, Carsten Menke, the Head of Next Generation Research at Julius Baer, said.
“During the past few days, the markets regained lost ground, helped by a weaker-than-expected US labour market report. The outlook for US monetary policy is instrumental as it drives the buying and selling of gold by Western world investors,” he explained.
The analyst said he expects gold to regain lost ground, even while record highs remain out of react for now. The case for silver is less clear, as it is still feeling the after-effects of the speculation-fuelled frenzy. We stick to our long position in the gold/silver-ratio.
“Our view on US monetary policy is unchanged for now; we do not expect the Fed to raise rates, as part of the inflationary pressure should turn out to be temporary. Plus, we still see room for the US dollar to weaken, even though not as much as previously,” he added.
“Record-highs re main out of reach for now, but we expect prices to regain lost ground in the longer-term and we thus reiterate our Constructive view on gold. At the same time, we remain Neutral on silver and we stick to our long position in the gold/silver ratio,” Menke said.
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.