Gold prices in Dubai saw a rise, adding Dh29 in just six days and pushing the price of 10 grams of 24K gold above Dh5,100. The latest increase raised the retail price of 24K gold to Dh516.25 per gram. Currently, the cost of a 10-gram purchase is about Dh5,163, excluding making charges and taxes.
The rally also increased prices of 22K, 21K and 18K gold, increasing the overall cost of jewellery purchases for residents and visitors.
According to reports, the 24K rate stood at Dh516.25 at 3.05 pm, up Dh2.25 from Dh514 on Wednesday, while 22K gold increased by Dh2 to Dh478 per gram from Dh476. The 21K variety rose to Dh458.25 from Dh456.25, while 18K gold climbed to Dh392.75 from Dh391.25.
Dubai’s 24K price began August at Dh487.25 and remained at the same level on August 2 before easing to Dh485.50 on August 3. The sharp rise is expected to affect consumers planning to purchase jewellery for weddings, festivals and other celebrations. Buyers who delayed purchases over the past week now face noticeably higher prices for the same quantity of gold.
The latest rally caused prices to stay below their record-high reached at the beginning of this year. Some market participants think that there is space for more buyers if there is stability in the prices.
Analysts see that gold price will continue to react to the events around the world economy. All new news about US interest rate policies, dollar movements, and geopolitics can affect bullion prices in the coming weeks. Also, investors will be paying attention to the economic indicators to get an idea of what the Fed will do next.
Also Read: Dubai Gold Price Today: Rate Reaches AED 514 Per Gram