Gold Prices In Dubai: 24-Carat Falls Rs 1,423 To Rs 64,601 In Emirate City; Why Yellow Metal Losing Shine?

Gold prices in Dubai fell as tensions in the Middle East escalated with Israel now looking at a possible war with the Iranian regime. Although, geopolitical tension works in favour of haven assets like gold, however, investors' mood turned sour on the probability that rate cuts from major central banks will also get delayed than expected which may further fuel the dollar index. When dollars rise, the appeal for yellow metal is dull in overseas markets.

Gold Prices In Dubai:

In dirhams, 22-carat gold prices slipped by 5.75 to 575 dirhams, while 24-carat gold shed 6.25 to 625 dirhams, and 18-carat gold witnessed a much higher scale of drop by 7.75 to 775 dirhams.

Under 22-car, gold prices were at 2,627.50 dirhams on April 13 from earlier 2,685 dirhams in 10 grams, while 100-gram of yellow metal in this carat stood at 26,275 dirhams versus the previous day's 26,850 dirhams. 1-gram and 8-gram prices were at 262.75 dirhams and 2,102 dirhams down by 5.75 dirhams and 46 dirhams respectively.

In the case of 24-carat, 10-carat of yellow metal here slipped to 2,837.50 dirhams compared to the previous day's 2,900 dirhams. Further, 100 grams of 24-carat fell to 28,375 dirhams versus 29,000 dirhams of the previous day. Seeing a drop of 6.25 and 50 dirhams, 1-gram and 8-gram of gold prices here were at 283.75 dirhams and 2,270 dirhams respectively.

Further, in regards to 18-carat, gold prices saw a massive decline. 10-gram was down by 77.50 to 2,150 dirhams on April 13 as against 2,227.50 dirhams of the previous day. Also, 100-gram gold was divided by a whopping 775 dirhams to 21,500 dirhams versus 22,275 dirhams the previous day. 1-gram was down by 7.75 dirhams to 215 dirhams, while 8-gram plunged by 62 dirhams to 1,720 dirhams compared to the previous day.

In Indian rupees, the downfall is much sharper in gold prices in the emirate city of UAE:

- 22-carat of gold is at Rs 59,820.03, down by a massive Rs 1,309.10 in the emirate city of UAE, compared to Rs 61,129.13 per 10 grams in the previous day. Also, 100-gram gold in Indian rupees is down by Rs 13,090.97 to Rs 5,98,200.30, while 8-gram plunged by Rs 1,047.28 to Rs 47,856.02, and 1-gram shed Rs 130.91 to Rs 5,982 from the previous day.

- Similarly, 24-carat in 10 grams tumbled by huge Rs 1,422.93 to Rs 64,601.08 compared to Rs 66,024.01 the previous day. 100 grams of this carat has witnessed an eye-bulging Rs 14,229.31 fall in a single day to rs 6,46,010.79 from the previous day of Rs 6,60,240.10. Also, on April 13, 1-gram is down by Rs 142.29 to Rs 6,460.11, and lower by Rs 1,138.34 in 8-gram to Rs 51,680.86 from the previous day.

Israel has been in over six months of all-out war with the Gaza Strip's governance Hamas, which is now most likely readying itself to face tough combat on its north side with Lebanese armed militia Hezbollah and the Iranian regime led by Ayatollah Ali Khamenei.

The matter escalated between Israel-Iran and its proxies after an attack on Iran's embassy in the capital city of Syria, Damascus. Although Israel has not claimed responsibility for the attack, Khamenei has announced that Israel should be punished.

However, Israel's long-standing ally from the West, the US has announced full support for the country. While reiterating US commitment to defend Israel, US President Joe Biden has warned Iran to not enter into a war with Israel as they will not succeed. However, Biden expects Iran to attack Israel sooner rather than later.

As tension rose, the stock market witnessed sharp selling while dollar and bond yields picked up momentum. Accordingly, gold's glittering dulled, nevertheless, the yellow metal ended on gains for the fourth consecutive trading week that ended on April 12.