Assel Gold presents its wholesale brief for Monday, September 28, 2026. Our thoughts remain with everyone affected across the Gulf.
Brent is back near $107 after Washington rejected Iran’s latest proposal to reopen the Strait of Hormuz, and last week’s Houthi missiles toward Yanbu reminded markets how fragile the region remains.
Yet gold has not followed oil upward — and for wholesale buyers, that gap is the story of the month.
The Market
The Dubai Gold & Jewellery Group rate this morning stands at AED 516.28/g for 24K, 473.25 for 22K, 451.74 for 21K and about 387 for 18K.
One month ago, 24K was AED 556.50 — roughly 7% higher. Internationally gold trades around $4,300–4,350/oz, well below January’s record above $5,500.
Inflation worries and the highest global bond yields in nearly two decades are holding the metal back, even as geopolitical risk stays high.
Why It Matters for the Trade
Retailers across the GCC, Iraq and beyond thinned their stock during the spring spikes.
Metal 7% cheaper than August lets them rebuild at lighter cost, just as Iraq’s oil exports pass 3 million barrels a day for the first time since the war began — restoring buying power in one of our key markets — and ahead of the Diwali and winter wedding seasons.
For Our Partners — This Week’s Specifics
Place restock orders for 21K and 22K core lines now.
Fix the metal in stages rather than all at once.
Keep making charges agreed separately from the metal price.
Add lightweight 18K for younger buyers.
For cross-border orders, confirm insured delivery and routing in writing.
The Honest Cautions
Oil-driven inflation could push rates higher and pressure gold further; a Hormuz agreement could cool safe-haven demand; a sharp escalation could lift prices overnight.
Each argues for staged fixing, not waiting on the sidelines.
Assel Gold — Dubai’s craftsmanship, priced with care, delivered with trust.
Contact us for today’s wholesale rates, catalogues and fixed-making-charge quotations.
