Gold Prices Dip in India, Rise in Dubai as US‑Iran Talks Influence Markets

On August 3 2026, gold prices showed mixed movements across South Asia and the Gulf. In India, retail rates for 24‑carat gold slipped marginally to around ₹14,421 per gram, with 22‑carat and 18‑carat rates also down by about ₹1 per gram. City‑level quotes varied slightly, with Chennai posting the highest 24‑carat price at ₹14,455 per gram and Delhi at ₹14,437 per gram. Silver prices eased to ₹234.90 per gram.

In Pakistan, the All‑Pakistan Gems and Jewellers Sarafa Association reported a rise of Rs1,700 per tola for 24‑karat gold, taking the price to Rs428,436 per tola, while 10‑gram gold rose to Rs367,314. Dubai’s 24‑karat gold climbed to Dh488.50 per gram, up Dh1.25 from the previous day, reflecting regional bullishness.

The price shifts were linked to broader geopolitical developments. U.S. President Donald Trump announced renewed negotiations with Iran, easing oil‑price pressures and weakening the U.S. dollar. International spot gold hovered around $4,060‑$4,135 per ounce, and futures on India’s MCX and global exchanges edged higher. The Federal Reserve kept rates unchanged, adding to the market backdrop. Together, these factors produced a modest decline in Indian retail gold while supporting higher prices in Dubai and Pakistan.