Access Restricted for EU Residents
You are attempting to access a website operated by an entity not regulated in the EU. Products and services on this website do not comply with EU laws or ESMA investor-protection standards.
As an EU resident, you cannot proceed to the offshore website.
Please continue on the EU-regulated website to ensure full regulatory protection.
Tuesday Nov 10 2026 10:11
19 min
War does not reliably push gold higher, but it does make gold move. In the major Middle East conflicts since 1973, gold usually rose in the build-up or the first days of fighting, then gave the gain back unless inflation was running ahead of interest rates. For traders in the UAE, that pattern is the argument for gold CFDs, which let you trade gold’s moves in either direction, in dirhams, without buying or storing metal.
2026 showed both sides of the move within weeks. Spot gold set a record of $5,594.82 an ounce on 29 January.1 US and Israeli strikes on Iran began a month later, on Saturday 28 February. When markets reopened, gold rose about 1.4% and never regained its January high.2 Within four weeks it was 18% lower, in the same week that Brent crude peaked near $118 a barrel after the closure of the Strait of Hormuz.3,4 It then rallied on a ceasefire, fell again as oil climbed, rallied in August and fell after the Federal Reserve raised rates in September.5,6,7 By 3 November it was at $3,927.87, about 30% below the record.8
In the UAE, the dirham’s fixed rate of 3.6725 to the dollar means the local price follows the dollar price exactly. 24-carat gold went from a spot-equivalent AED 660.60 a gram at the record to AED 480.61 on 6 November. A 10-tola bar bought at the peak lost about AED 21,000 of metal value. Someone who owns physical gold can only gain when the price rises. A gold CFD trader can take a position on a fall as well as a rise, size it with a fraction of the capital and protect it with a stop-loss. That is why, for trading gold’s price moves, gold CFDs come out ahead of physical gold, ETFs and futures in our comparison below.
Table 1. 2026 at a glance
Spot gold in US dollars per troy ounce unless stated
Measure | Level | Date | Source |
|---|---|---|---|
All-time high | $5,594.82 | 29 Jan 2026 | Reuters data via CNBC1 |
First trading day after the strikes | $5,349.44 (+1.37%) | 2 Mar 2026 | Reuters via Asharq Al-Awsat2 |
Low four weeks into the conflict | about $4,378 (−18%) | 26 Mar 2026 | Bullion-Rates.com3 |
Low point reported in early November | $3,927.87 | 3 Nov 2026 | Investing.com8 |
Latest in this guide | about $4,070 | 6 Nov 2026 | Trading Economics9 |
Fall from record to early-November low | about 30% | Jan to Nov 2026 | Markets.com calculation |
24-carat gold, spot-equivalent | AED 660.60/g → AED 480.61/g | 29 Jan → 6 Nov 2026 | Markets.com calculation at 3.6725 |
Brent crude, 2026 futures peak | about $118/bbl | late Mar 2026 | Wikipedia4 |
US federal funds target range | 3.75%–4.00% | since 16 Sep 2026 | Federal Reserve via CNBC7 |
Central bank gold buying | 321 t in Q3; 675 t year to date | Q3 2026 | World Gold Council10 |
Measure | Level | Date | Source |
|---|---|---|---|
All-time high | $5,594.82 | 29 Jan 2026 | Reuters data via CNBC1 |
First trading day after the strikes | $5,349.44 (+1.37%) | 2 Mar 2026 | Reuters via Asharq Al-Awsat2 |
Low four weeks into the conflict | about $4,378 (−18%) | 26 Mar 2026 | Bullion-Rates.com3 |
Low point reported in early November | $3,927.87 | 3 Nov 2026 | Investing.com8 |
Latest in this guide | about $4,070 | 6 Nov 2026 | Trading Economics9 |
Fall from record to early-November low | about 30% | Jan to Nov 2026 | Markets.com calculation |
24-carat gold, spot-equivalent | AED 660.60/g → AED 480.61/g | 29 Jan → 6 Nov 2026 | Markets.com calculation at 3.6725 |
Brent crude, 2026 futures peak | about $118/bbl | late Mar 2026 | Wikipedia4 |
US federal funds target range | 3.75%–4.00% | since 16 Sep 2026 | Federal Reserve via CNBC7 |
Central bank gold buying | 321 t in Q3; 675 t year to date | Q3 2026 | World Gold Council10 |
Risk Warning: This article is provided for informational purposes only and does not constitute investment advice, investment research, or a recommendation to trade. The views expressed are those of the author and do not necessarily reflect the position of Markets.com. When considering shares, indices, forex (foreign exchange), and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and may not be suitable for all investors. Leveraged products can result in capital loss. Past performance is not indicative of future results. Before trading, ensure you fully understand the risks involved and consider your investment objectives and level of experience. Cryptocurrency CFD trading restrictions may apply depending on jurisdiction.
Latest
View all
Monday, 9 November 2026
29 min
Monday, 9 November 2026
28 min
Monday, 9 November 2026
31 min
EN
