Gold Prices After Akshaya Tritiya: Big Jump In 24K By Rs 10,237 In This City On May 11; 22K Climbs Rs 9,668

Gold Prices: While the prices of yellow metal in India tumbled massively, this was not the case with prices in Dubai in terms of INR. In the emirate city of UAE, 24K gold made a huge jump by Rs 10,236.96, while 22K of the same gram surged by Rs 9,668.24. In the souk market, gold prices have continued to rise massive in both local currency and Indian rupees owing to early rate cut hopes from the Fed and intensifying geopolitical tensions.

Gold Prices In Dubai:

In Dubai, in INR, 24K of gold in 10 grams surged by Rs 1,023.70 to Rs 65,004.70, while in 100 grams skyrocketed by Rs 10,236.96 to Rs 6,50,046.96 compared to the previous day. And that of 8 grams and 1 gram gold zoomed by Rs 818.96 and Rs 102.37 to Rs 52,003.76 and Rs 6,500.47 respectively.

Meanwhile, gold prices in 22K were also at sky-high levels. 10 grams of 22K surged by Rs 966.82 to Rs 60,227.45, while 100 grams soared by Rs 9,668.24 to Rs 6,02,274.48, 8 grams advanced by Rs 773.46 to Rs 48,181.96, and lastly, 1 gram was up by Rs 96.68 to Rs 6,022.74 from the previous day.

This week, gold picked up momentum after closing on a negative note for the previous two weeks straight. Also, gold prices surged massively after the Akshaya Tritiya celebration in the country.

SMC Global Securities said that bullion prices rebounded after a two-week slump due to some haven demand also remained in play amid bets that Israel and Hamas will not reach a ceasefire deal. Gold and silver will trade in a range of 70500-73000 levels and 83000-86500 levels respectively."

In Dirhams:

In local currency, in Dubai, 18K gold prices witnessed the most surge compared to 22K and 24K.

18K gold prices in Dubai climbed by 6.40 dirhams to 640 dirhams. 10 grams is at 2,195 dirhams, 100 grams is at 21,950 dirhams, 8 grams is at 1,756 dirhams, and 1 gram is at 219.50 dirhams.

Meanwhile, 24K gold surged by 4.50 dirhams to 450 dirhams in single-day. 10 grams is at 2,857.50 dirhams, 100 grams at 28,575 dirhams, 8 grams at 2,286 dirhams, and 1 gram at 285.75 dirhams.

Lastly, 22K gold prices in the emirate city jumped by 4.25 dirhams to 425 dirhams. 10 grams here is available at 2,647.50 dirhams, 100 grams is at 26,475 dirhams, 8 grams is at 2,118 dirhams and lastly, 1 gram is at 264.75 dirhams.

All the jewellery merchandise in Dubai is regulated by the government and hence authenticity of a gold ornament will be ensured. It is mandatory for all jewellery stores to carry out a gold purity hallmark on items they sell, and the shops are obliged to provide it to the end users upon their request.

The gold rates today in Dubai largely depend on the bullion markets. The rise or fall in City of Gold is based on a host of factors. The prominent factors influencing gold rates are inflation rates, interest rates, taxes, local factors, demand and supply of the metal, geopolitical factors, economic factors and so on.

However, it also needs to be noted that Gold prices in middle east countries are lower compared to the Indian cities. The tax-free policies on gold in these countries on the yellow metal have reduced gold prices.