Dubai Gold Prices Hit April Low Amid Oil Price Surge

Apr 29, 2026

60 min

Apr 29, 2026 11:30

Dubai gold drops to April low as oil surge hits bullion

## Gold Prices Decline

Gold prices in Dubai have dropped to their lowest point this month, reaching Dh550 per gram for 24K gold on Wednesday afternoon. This marks a significant decrease from the mid-April peak of Dh588 per gram. The 22K variant also fell to Dh509.50, down from Dh544.50 earlier in the month.

## Impact of Oil Prices

The decline in gold prices is largely attributed to the recent surge in oil prices. This increase has raised inflation concerns, leading to higher bond yields and a stronger US dollar, both of which typically exert downward pressure on gold prices.

## Geopolitical Tensions

Despite ongoing geopolitical tensions, particularly involving the Strait of Hormuz, gold prices have not risen as might be expected. The closure of this crucial waterway has contributed to higher crude prices, further influencing inflation expectations and monetary policy outlooks.

## Central Bank Decisions

The future of gold prices may hinge on upcoming decisions by major central banks, including the Federal Reserve and the Bank of Japan. These institutions are closely monitoring the inflationary impact of rising energy costs, which could influence their interest rate policies. Any indication of a more hawkish stance could continue to pressure gold prices.

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