Gold Prices In Dubai, Saudi, Kuwait, Qatar Cheaper Than Gold In India Despite Big Drops; Compare 22K, 24K, 18K

Gold prices in India have continued to fall relentlessly for the past few days, with 24K gold below the Rs 90,000 mark. Meanwhile, 22K and 18K gold prices in 10 grams slipped to below Rs 82,300 and Rs 67,500 marks. However, despite the stubborn decline in precious yellow metal in India, the prices are still expensive compared to gold prices sold in major souk markets like Dubai, Qatar, Saudi Arabia, Abu Dhabi and Kuwait. Gold prices are under pressure due to international prices that have corrected sharply after Trump's reciprocal tariffs.

Here is a comparison of gold prices in India and souk markets of the Middle East:

Gold Prices In India:

On April 8th, 24K gold price fell by Rs 650 to Rs 89,730 per 10 grams, while 22K gold slipped by Rs 600 to Rs 82,250 per 10 grams. Lastly, the 18K gold price is down by Rs 490 to Rs 67,300.

Gold Prices In India Performance For Past 10 Days:

In 10 grams, 24K gold price slipped by Rs 650 on April 8, followed by decline of Rs 280 on April 7. However, prices were unchanged on April 6. Last week, gold price recorded its worst single-day decline of 2025, with 24K gold falling by Rs 1,740 on April 4 and by Rs 980 on April 5th. Before this, gold prices were broadly in green.

For instance, gold prices in India surged by Rs 540 in 10 grams of 24K on April 3rd, while the prices were up by Rs 930 on April 1 and also higher by Rs 710 on March 31. Gold prices were unchanged on April 2nd and March 30.

Due to the past five days' decline, gold prices in India are down by 3.4% in April so far. This is compared to a strong surge of 6.11% in March 2025.

Gold is still expensive in India compared to souk market. Let's find out!

Gold prices in Kuwait:

In Indian rupees, gold prices in Kuwait stood at Rs 84,620 in 24K, at Rs 77,580 in 22K and at Rs 63,600 per 10 grams in 18K.

Compared to India, gold price is cheaper by Rs 5,110 in 24K, Rs 4,670 in 22K and Rs 3,700 in 18K in Kuwait.

Gold prices in Kuwait have dropped by over 3% in April so far as well.

Gold Prices In Qatar:

In Qatar, 24K gold price is cheaper by Rs 3,820 to Rs 80,230 in 10 grams compared to India. While 22K and 18K yellow metal is available at Rs 80,230 and Rs 65,650 in 10 grams in Qatar, are cheaper by Rs 2,020 and Rs 1,650 from India.

However, yellow metal is down nearly 4% in Qatar in the current month.

Gold Prices In Saudi Arabia:

In Saudi Arabia, 24K gold is cheaper by Rs 4,190 to Rs 85,540 per 10 grams compared to India. Meanwhile, 22K is cheaper by Rs 3,150 to Rs 79,100, and 18K gold is dearer by Rs 2,570 to Rs 64,730 per 10 grams.

Here, gold prices are down by 3.4% in April so far.

Gold Prices In Abu Dhabi, Gold Prices In Dubai:

Yellow metal in the two popular cities of UAE are similar. 24K gold is cheaper by Rs 4,370 in the cities to Rs 85,360 per 10 grams compared to India. While 22K gold is cheaper by Rs 3,230 to Rs 79,020, and 18K is cheaper by Rs 2,650 to Rs 64,650.

Gold is down by 3% in Dubai and Abu Dhabi as well.

What Is Impacting Gold Prices Currently?

Kaynat Chainwala, AVP-Commodity, Kotak Securities said, COMEX June gold futures fell over 2% on Monday, closing at $2,973.60 per ounce, marking a third consecutive session of losses and the lowest close in three weeks. The decline was driven by a stronger US dollar and as investors liquidated gold positions to cover margin calls and lock in profits amid broader market volatility. The uncertainty deepened after President Trump threatened to impose a 50% tariff on China unless it removed its 34% retaliatory duty on US goods.

Chainwala further added, Risk-off sentiment has been rising since last week, driven by sweeping US tariffs, which have heightened fears of a global recession. Today, gold rebounded by 1.5%, trading above $3,020 per ounce as escalating trade war risks and geopolitical tensions, including Trump's warning to Iran over a potential nuclear deal, revived demand for safe-haven assets.

However, spot gold rebounded to $3000 per ounce on Tuesday, from its four-week low. The trajectory for gold remains volatile for the current week.

Investors are now awaiting key US data and the FOMC meeting minutes for clues on future policy direction, though Fed Chair Powell has already signaled a cautious approach to rate cuts due to the elevated risk of inflation and slower growth from the Trump tariffs, the analyst said.