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UAE gold prices stable, loses Dh4.75 in one week amid fragile US-Iran ceasefire
Analysts say that gold remains trapped inside its bear channel, breaking below the $4,100 level as geopolitical tensions intensified and oil prices surged
- PUBLISHED: Thu 9 Jul 2026, 9:34 AM
Gold prices remained steady in Dubai on Thursday morning, losing around Dh4.75 in one week despite the end of the US-Iran ceasefire.
The 24K gold price was trading at Dh490 per gram in the UAE at the market open on Thursday, the same value at the close of the markets on Wednesday.
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Among the other variants of the precious metals, 22K, 21K, 18K and 14K opened the same at Dh453.75, Dh435.25, Dh373 and Dh291 per gram, respectively.
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Spot gold was down 0.04 per cent at $4,070 an ounce at 9.15am UAE time. Silver was down over 0.13 per cent at $58.1.
US President Donald Trump declared the end of the ceasefire agreement, prompting both it and Iran to exchange strikes, the latter in Bahrain and Kuwait. Ben May, the Head of Global Macro at Oxford Economics, said this could spark a renewed surge in oil prices.
Late on Wednesday, crude oil prices rose more than 7 per cent after Trump threatened to attack Iran, gaining $5.93 to $80.09 per barrel.
“But Oxford Economics think it’s too soon to call this the likeliest scenario, as it’s probable the ceasefire continues to be on and off. Therefore, the firm doesn’t view large changes to its baseline forecast as warranted,” May noted.
The move marks a sharp reversal from last week, when Brent briefly traded near Dh70 as the market focused on the reopening of regional supply routes and the prospect of a growing surplus of barrels from the Arabian Gulf, said Ole Hansen, the Head of Commodity Strategy at Saxo Bank.
He explained, "Before the latest escalation, competition among regional producers to reclaim clients and lost market share had continued to intensify. A small mountain of barrels had been piling up inside the Gulf, increasing the need to move volumes quickly to free storage capacity and allow production to resume or increase."
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.