Dubai Gold Rate Today Sees Massive Fall! Check 24, 22, 18K Gold Rates On 3 February

Dubai Gold Rate Today: There was a sharp decline in Dubai gold rate today as part of a wider correction happening across the gold and silver prices across the international markets. Gold and silver rates have rallied significantly in January.

However, profit booking and United States President Donald Trump's latest announcement related to Kevin Warsh nomination for US Federal Reserve chair.

Dubai Gold Rate Today

People often track Dubai gold rate on a regular basis because purchasing gold in Dubai is relatively cheaper and also provides better quality and purity. So here are latest Dubai gold rates.

The price of 22 karat gold in Dubai stood at 501.50 dirhams per gram on Monday, 1 February. The rate of 24 karat gold in Dubai stood at 541.50 dirhams per gram (AED). Dubai gold rate has surged significantly over the past one month, and the recent drop can attract fresh buying by retail jewellery buyers.

In terms of domestic currency, 24 karat gold rate in Dubai declined to Rs 13,509 per gram from Rs 14,707 per gram. Nearly 22 karat gold in Dubai declined to Rs 12,511 per gram on Monday from Rs 13,615 per gram on Sunday. Whereas, 18 karat gold rate in Dubai fell by Rs 953 per gram to Rs 10,236 per gram.

Customs Duty on Gold Jewellery

While gold prices are declining in Dubai and other commodities markets, there is another favourable development for gold jewellery buyers. The central government on Sunday announced major relief for international travellers by raising the duty-free allowance on goods imported into India.

Under the revised baggage rules, effective from Monday, passengers can now bring in goods worth up to Rs 75,000, up from the earlier limit of Rs 50,000. The move is expected to benefit Indians returning from abroad, especially those planning to purchase gold and silver jewellery overseas.

Why Gold Rate Are Falling?

Gold and silver prices are sliding, marking their steepest drop in more than a decade. Investors are turning away from traditional safe havens worldwide. Changing expectations for United States interest rates are boosting the dollar. Possible changes in Federal Reserve leadership are also pressuring precious metals.

According to Trading Economics data, United States President Donald Trump plans to nominate Kevin Warsh. Warsh is expected to serve as Federal Reserve chair. Warsh is viewed as more hawkish on interest rates, a stance that favours a stronger dollar.

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