Gold prices in Dubai edged lower on the morning of September 9, as escalating US-Iran tensions raised concerns over interest rates and inflation in the US.
The 24K gold rate opened at AED 528 per gram. The 22K rate stood at AED 489 per gram, while 21K gold was priced at AED 468.75 per gram. The 18K rate opened at AED 401.75 per gram.
The 14K gold price stood at AED 313.50 per gram. Spot gold also moved lower in international markets. It was down 0.2% at USD 4,384 an ounce. Silver prices showed little movement during the same period. The metal was trading at USD 66.43 an ounce.
US and Iran exchanged escalating strikes around the Strait of Hormuz on September 8. The confrontation increased concerns over oil supplies and shipping through the key regional route.
US forces reportedly struck several Iranian oil tankers. Tehran later retaliated with attacks on US-linked vessels. Iran also targeted a US base in Jordan, according to Reuters. Iran said that it would target oil tankers near Kuwait and Bahrain. The move was described as retaliation for strikes on its tankers.
The developments kept oil prices close to USD 100 a barrel. Brent crude was trading at USD 99.02 a barrel on the morning of September 9. Higher oil prices can add to inflation pressures. That could influence expectations for US interest rates and affect demand for gold.
Naeem Aslam, chief investment officer at Zaye Capital Markets, said geopolitical developments remain the more immediate source of support.
“President Trump said oil prices could fall sharply if the conflict with Iran is won, yet Brent crude remains near USD 99 per barrel as markets continue to price supply and shipping risks. Higher oil prices can feed directly into inflation expectations, while conflict uncertainty usually increases demand for defensive assets. Together, these factors strengthen the gold ecosystem even when bond yields are elevated,” he said.
Gold is being closely watched as investors assess the impact of the conflict on oil supplies, inflation and financial markets. Dubai prices are also being tracked closely by consumers and traders as international bullion markets respond to the latest developments.
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