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Gold slightly recovers to Dh3 as UAE leaves Opec, Opec+
Investors also awaited US Federal Reserve Chair Jerome Powell's comments to gauge the impact of the Iran war on the economy as peace talks between US and Iran stall
- PUBLISHED: Wed 29 Apr 2026, 10:03 AM
Gold prices in the UAE recovered to Dh3 per gram as the country announced its Opec departure. The 24K gold was trading at Dh554.75 per gram at the market open on Wednesday, up from Dh551.75 per gram at the market close on Tuesday.
Other variants of the precious metal, 22K, 21K, 18K and 14K, were trading slightly higher at Dh513.75, Dh492.50, Dh422.25 and Dh329.25 per gram, respectively. Spot gold was up 0.14 per cent at $4,601.31 (Dh16,898.08) per ounce. Silver was trading at $73.76 (270.89) per ounce.
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Data by GoldPrice.org show that in the past 30 days, gold has lost around Dh200, but gained around Dh17 on Wednesday. This comes as the UAE makes the announcement to leave the Organisation of the Petroleum Exporting Countries (Opec) and Opec+ based on its long-term strategic and economic vision and evolving energy profile.
Analysts previously told Khaleej Times that the UAE's departure could affect the Opec's market influence and its ability to manage spare supply. Investors also awaited US Federal Reserve Chair Jerome Powell's comments to gauge the impact of the Iran war on the economy as peace talks stall. They expect the Fed to hold interest rates steady at the end of its two-day meeting later in the day.
For now, analysts say that gold has settled within the $200 range around $4,750, with a breakout in either direction likely to signal the next short-term move. “A decisive upside break would probably require either a renewed geopolitical shock that materially threatens energy supply and lifts recession risks or a clearer shift toward monetary easing as growth concerns begin to outweigh inflation fears,” Ole Hansen, Saxo Banks’ head of commodity strategy, said.
“Until then, with ETF holdings remaining resilient and speculative positioning relatively light, gold appears well supported—but stuck in neutral," he added.
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.