;

Gold Prices Dip in Dubai Amid Oil and US-Iran Tensions

Gold prices drop in Dubai while oil surges amid US-Iran tensions, stirring inflation concerns globally.

  • Publish date: Tuesday، 26 May 2026 Reading time: two min read
Gold Prices Dip in Dubai Amid Oil and US-Iran Tensions
Add As A Preferred Source On Google

Gold prices in Dubai dropped slightly on Tuesday morning, losing Dh4.5 per gram during early trading. This came as tensions between the US and Iran pushed oil prices higher, stirring inflation concerns in the US economy.

Read More: Where To Buy Gold In Dubai and More...

Based on Dubai Jewellery Group data, the price of 24K gold was marked at Dh545.25 per gram, a decrease from Dh549.75 per gram at the close of the market on Monday.

The precious metal gave up some of Monday’s gains after US and Iranian officials shared over the weekend that peace talks were progressing smoothly.

Other gold types also saw a decline on Tuesday morning. The 22K, 21K, 18K, and 14K gold variants were trading at Dh505.0, Dh484.25, Dh415.0, and Dh323.75 per gram, respectively.

Spot gold stood at $4,529 per ounce, down by 0.9 percent. Silver also fell, dropping two percent to Dh281.35 per ounce.

Meanwhile, crude oil prices surged as Brent crude reached $98.54 per barrel, marking a 2.5 percent rise on Tuesday morning. This followed US military strikes in southern Iran targeting boats laying mines and missile launch sites.

Despite recent peace talks, hopes for an immediate breakthrough remain uncertain. Iran’s top negotiator met with Qatar’s prime minister for discussions regarding a potential deal with the US to end the ongoing three-month conflict.

“Even though we have a peace deal that is being done and dusted between the US and Iran, the damage that has been done to Middle East oil production facilities could actually prevent a rapid normalisation of oil flows into the rest of the world from the Middle East,” said Kelvin Wong, Senior Market Analyst at Oanda.

“The market has started to price in this situation, showing very high odds of an interest rate hike to come this year,” he added.

Follow us on our Whatsapp channel for latest news

AI contributed to the creation of this article.

 

Related videos

Related articles