Welcome to the Assel Gold wholesale and bullion market report for Wednesday July 15, 2026, serving our trade partners and bullion clients across the UAE. Spot gold is trading in a choppy range near $4,035 to $4,073 per ounce, caught between cooling US inflation and an escalating Middle East conflict. This report covers the spot market, the drivers, and the outlook relevant to wholesale buyers, bullion investors, and trade partners.
Spot reference prices (indicative, wholesale basis):
Gold spot: ~$4,040/oz | 24K: ~$130.65/gram | 22K: ~$119.75/gram | 21K: ~$114.25/gram | 1 kg gold bar: ~$130,650
Silver spot: ~$59/oz | Gold/silver ratio: ~68
Premiums over spot apply to physical bullion bars and coins and vary by product, form, and quantity.
Market drivers this week:
The gold market is being pulled by two opposing forces. On the bullish side, US inflation is cooling faster than expected: June’s Consumer Price Index slowed to 3.5% from 4.2% in May — below the 3.8% forecast — with consumer prices posting their first monthly decline (-0.4%) since 2020. Today’s Producer Price Index reinforced the trend, unexpectedly declining in June for the first time in nearly a year, with core PPI at a soft 0.2%. Cooling inflation reduces pressure on the Federal Reserve and lifted gold more than 1% on Tuesday.
On the bearish side, the US-Iran war has escalated sharply. US airstrikes on Iranian military sites have continued for a fourth straight day, the US has reinstated its naval blockade of Iranian ports, and Iran continues to declare the Strait of Hormuz closed. Oil has surged more than 9% over five days, threatening to reignite inflation and keeping the Fed cautious. Fed Chair Kevin Warsh, in congressional testimony, reaffirmed “no tolerance” for persistently elevated inflation but stopped short of more hawkish signals. Markets price roughly a 49% to 50% chance of a September rate hike.
Relevance for wholesale and bullion clients:
For wholesale buyers and bullion investors in the UAE, the current environment presents both opportunity and considerations. Spot near $4,040 is roughly 27% below January’s record of $5,597 and represents attractive entry levels, with gold still up 21.3% year-on-year. Physical demand across the region remains firm. Notably, sovereign demand is exceptionally strong: China’s central bank bought gold in June at its fastest pace in more than two and a half years, and central banks globally continue to accumulate — a structural floor beneath wholesale and investment demand.
Bullion premiums have remained elevated in 2026 due to strong physical demand and supply-chain constraints, with mine supply growing at just 1% to 2% annually. Wholesale partners should factor current premium levels into pricing. The market is highly volatile this week amid the data flood and geopolitical escalation, so intraday spot movements can be significant.
Outlook:
Gold is likely to remain volatile near-term, trading in a range as the market weighs cooling inflation against war-driven oil risk. Key events: today’s Fed Beige Book, tomorrow’s Philadelphia Fed index and jobless claims, Friday’s University of Michigan inflation expectations, and the decisive Federal Reserve rate decision on July 29. A break above $4,500 would signal renewed upside; support is seen near $3,920. For structural, long-term positioning, central bank demand and constrained supply remain supportive.
Assel Gold is committed to serving our wholesale and bullion clients across the UAE with timely market intelligence and competitive pricing. Please contact us directly for live wholesale quotes and bar availability, as spot prices are moving quickly.
Spot reference: ~$4,040/oz | 24K — $130.65/gram | 22K — $119.75/gram | 21K — $114.25/gram
All prices USD, indicative wholesale basis. Physical premiums apply. Confirm live pricing before transacting.
