Gold prices in the United Arab Emirates (UAE) continued to rise massively, becoming more expensive than gold prices in India. On Monday, November 18, 24K gold price jumped by a breathtaking Rs 24,700 in 100 grams, while gold price in the same rose by merely Rs 6,600 in India. Gold prices in the Middle East and India surged currently as the dollar rally paused after rising to the highest level of 106 in two years.
Gold Prices In UAE:
24K Gold Prices: 10 Grams of gold here is at Rs 76,166, up by Rs 2,470, while the price of 100 grams of gold skyrocketed by Rs 24,700 to Rs 7,61,658. The cheapest gold is at Rs 7,617 in 1 gram. In the local currency, gold prices are up by 10.75 to 1,075 AED. 24K/10 grams is at AED3,315, and 100 grams at AED33,150.
22K Gold Prices: Here, 100 grams of gold climbed by Rs 22,976 to Rs 7,05,366, while the price of 10 grams surged by Rs 2,298 to Rs 70,537. In the local currency, prices were up by 10 to 1,000 AED. 10 grams and 100 grams in UAE currency stood at AED3,070 and AED30,700 respectively.
18K Gold Prices: 100 grams gold price jumped by Rs 18,841 to Rs 5,77,160, and that of 10 grams gold is up by Rs 1,884 to Rs 57,716. In local currency, gold prices were up by 8.20 to 820 AED. In UAE currency, 10 grams and 100 grams of gold price is at AED2,512 and AED25,120 respectively.
Gold Prices In India:
24K gold price is at Rs 76,310 in 10 grams, up by Rs 660 on November 18, 2024. While 100 grams of the same carat jumped by Rs 6,000 to Rs 7,63,100.
Further, the 22K gold price in India soared by Rs 600 in 10 grams to Rs 69,950 and was higher by Rs 6,000 in 100 grams to Rs 6,99,500.
Meanwhile, gold price in 18k surged by Rs 490 to Rs 57,230 in 10 grams, and that of 100 grams of gold is up by Rs 4,900 to Rs 5,72,300.
MCX Gold Prices In India:
MCX gold with December futures currently traded at Rs 74,369 per 10 grams, up by Rs 423 or 0.6%, at the time of writing. The bullion was near its intraday high of Rs 74,678 per 10 grams.
Spot Gold, US Gold Futures: Gold prices rose nearly 1% on Monday after last week's sharp decline, as a rally in the dollar paused, while market players awaited comments from Federal Reserve officials for more clues on the U.S. interest rate path, as per Reuters report. Spot gold firmed 0.9% to $2,584.80 per ounce, after falling to its worst week in more than three years on Friday. U.S. gold futures were up 0.8% to $2,589.90.
IG market strategist Yeap Jun Rong told Reuters that gold prices are due for a slight recovery following recent bout of hefty sell-offs and we may expect some drift higher with some rollover in the dollar.
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