Welcome to Jawahir Al-Khaleej’s gold market update for Monday August 3. The new month begins with the most hopeful news the region has seen in a long time. The US has paused its planned airstrikes on Iran, talks may begin this afternoon, and — most importantly for Iraq and its neighbours — ships have started sailing through the Strait of Hormuz again, along a safe route near the Omani coast. Gold is steady near $4,070 per ounce, and prices remain attractive. Here is our clear and friendly guide.
Today’s prices:
24K: ~$130.75/gram | 22K: ~$119.85/gram | 21K: ~$114.40/gram | 18K: ~$98.05/gram
What happened over the weekend? The US called off major airstrikes planned for Sunday night after its regional allies asked for calm. President Trump says talks with Iran begin today and a deal on the Strait of Hormuz is close. Iran says it is only talking with Oman, not with Washington — but the concrete result matters most: a safe shipping lane is open near the Omani coast, and vessels are actually using it. Oil prices fell on the news. For the region — and for Iraq’s oil-dependent economy especially — every ship that sails safely through Hormuz is genuinely good news.
Why is gold steady? Peace news pulls gold in two directions. Less conflict means a little less “safe haven” buying. But lower oil means lower inflation, which eases the pressure for high interest rates — and that helps gold over time. The two balance out for now. If the peace holds, many analysts expect gold to rise toward $4,500 to $4,900 by year-end.
What this means for you: Gold is about 27% below its January record. A 50-gram gold necklace costs approximately $2,460 less than at that peak — attractive value at a hopeful moment, especially if prices climb later as analysts expect.
Designs worth exploring: The styles defining 2026 include lightweight everyday pieces like delicate pendants and slim chains, thin stackable 22K bangles for a personalised wrist stack, coloured gemstones such as sapphires and emeralds in simple gold settings, and sculptural, flowing gold shapes. A hopeful new month is a lovely time to choose something beautiful and current.
Our welcoming guidance:
For weddings, engagements, and gifts: attractive prices and a brightening outlook — a good time to buy.
For those building a collection: buying before any peace-driven rise means better value on every piece.
For long-term savers: central banks bought a net 41 tonnes of gold in May and 244 tonnes earlier this year, and 89% of central bank managers expect official holdings to keep rising.
A note of balance: The peace is young — Iran and the US do not even agree on whether they are talking — and Friday brings the important US jobs report. Prices could move either way, so please confirm the live price with us before purchasing.
Gold near $4,070 is up roughly 20% compared to a year ago and just posted its first winning month in five — a reminder of gold’s lasting value, which Iraqi families have trusted for generations. Jawahir Al-Khaleej is delighted to welcome you, and we join our customers in hoping for calmer days for Iraq and the whole region.
Today’s prices: 24K — $130.75/gram | 22K — $119.85/gram | 21K — $114.40/gram
All prices USD. Indicative only. Volatile market. Please confirm final pricing in store.
