Gold Prices, Akshaya Tritiya: Massive Rise In 24-22K By Rs 7,900-8,600 In Dubai, Biggest Jump This Week

Gold prices are shining with 24K and 22K witnessing their biggest jump of the week on Akshaya Tritiya. On the occasion of Akha Teej, 24K yellow metal rose by as high as Rs 8,591 in the emirate city, while 22K climbed by a whopping over Rs 7,900 in a single day. Gold prices have been rising a day before this festival.

In dirhams, gold prices recorded a massive high in Dubai. Another key factor to drive gold prices could be expectations of early rate cuts by the Fed after weak employment data. Notably, Dubai gold prices is still cheaper in Indian rupees, then compared to actual gold sold at retail stores in India.

Gold Prices In Dubai On Akshaya Tritiya:

In Indian Rupees, Gold Prices In Dubai:

24K: 10 grams price jumped by Rs 851.89 to Rs 64,743.93 on May 10 compared to the previous day, while 100 grams climbed by a massive Rs 8,518.94 to Rs 6,47,439.33. Also, 8 grams and 1 gram of 24K soared by Rs 681.52 and Rs 85.19 to Rs 51,795.15 and 6,474.39 on Friday.

22K: 10 grams of gold in this carat surged by Rs 795.10 to Rs 59,973.33, while 100 grams rose by Rs 7,951.01 to Rs 5,99,733.27, 8-gram advanced by Rs 636.08 to Rs 47,978.66, and 1 gram is up by Rs 79.51 to Rs 5,997.33 on Friday compared to the previous day.

In Dirhams, Gold Prices In Dubai:

In the local currency, gold prices surged the most in 18K followed by 24K and 22K.

22K of 10 grams surged by 35 dirhams to 2,640 dirhams on Friday, and that of 100 grams picked up by 350 dirhams to 26,400 dirhams. 8 grams and 1 gram of gold are up by 3.50 dirhams and 28 dirhams in a single day to 2,112 dirhams and 264 dirhams respectively.

Meanwhile, 24K of 10 grams is at 2,850 dirhams, up by 37.50 dirhams on Friday. Further, 100 grams is at 28,500 dirhams up by 375 dirhams, 8 grams is up by 30 dirhams to 2,280 dirhams, and lastly, 1 gram is up by 3.75 dirhams to 285 dirhams.

On the lowest carat, 18K, 10 grams is up by 59 dirhams to 2,190 dirhams, 100 grams is up by 590 dirhams to 21,900 dirhams, 8-gram up by 47.20 dirhams to 1,752 dirhams, and 1 gram is up by 5.90 dirhams to 219 dirhams as against the previous day.

On Thursday, gold prices jumped while silver prices took the lead among the two.

Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver prices jumped sharply a day before Akshay Tritiya. Silver took the lead in this surge and touched a three-week high."

Explaining key triggers for gold, Kalantri said, the weakening U.S. dollar index, spurred by a jump in weekly unemployment claims, lent support to the bullish momentum in precious metals. Additionally, technical buying activity in both gold and silver is also featured as chart indicators signalling continued positivity.

Further, the analyst said, precious metal prices jumped after several central banks either decided to cut interest rates or signalled a greater willingness to cut them in the future. Labour market data from the US was softer, increasing the chances of a rate cut by the Federal Reserve despite dealing with inflationary pressures.

Lastly, he said, "We expect gold and silver prices to remain volatile in today's session. Gold has support at $2328-2310 while resistance is at $2365-2380. Silver has support at $28.10-27.85 while resistance is at $28.62-28.80. In INR terms, gold has support at Rs 71,410, 71,260, while resistance is at Rs 71,880, 72,090. Silver has support at Rs83,840-83,080, while resistance is at Rs85,440, 86,080."