Gold Prices In Doha, Dubai Rise; How Much Is 18-24 Carat In Indian Rupee, And What's Next's Week's Outlook?

After a narrow range, gold prices in Doha and Dubai shot up on Saturday, indicating a bullish trend. The pristine metal gained momentum after the latest US economic data hinted at a slowdown in inflationary pressure which further heightened hopes of rate cuts as early as possible by the US Federal Reserve. In Indian rupee, 24-carat of gold in 10 grams is available at Rs 57,969.40 in Doha and at Rs 56,892.97 in Dubai as of March 2nd. The prices are still cheaper compared to 24-carat gold in India which rose by Rs 930 in a single day to Rs 64,090.

Gold Prices In Doha On March 2, 2024:

In the main financial hub of Qatar, Doha, gold prices rose by 2 to 200 Qatari riyals in 22-24 carat, while prices were up by 1.70 to 170 Qatari riyals in 18-carat.

For 22-carat, in Doha, 10-gram gold climbed by 20 Qatari riyals to 2,400 Qatari riyals from the previous day, while 100-gram jumped by 200 Qatari riyals to 24,000 Qatari riyals. Meanwhile, prices were up by 2 and 16 Qatari riyals in 1 gram and 8 gram gold to 240 and 1,920 Qatari riyals from the previous day.

Under 24-carat, 10-gram gold is up by 20 Qatari riyals to 2,550 Qatari riyals from the previous day, while 100-gram surged by 200 Qatari riyals to 25,500 Qatari riyals. Meanwhile, prices were up by 2 and 16 Qatari riyals in 1 gram and 8 gram gold to 225 and 2,040 Qatari riyals from the previous day.

In the case of 18-carat, the rise in prices was at a lesser quantum. 10-gram gold was up by 17 Qatari riyals to 1,964 Qatari riyals, further, 100-gram gained by 170 Qatari riyals to 19,640 Qatari riyals from the previous day. Also, 1-gram and 8-gram gold inched up by 1.70 Qatari riyals and 13.60 Qatari riyals to 196.40 and 1,571.20 Qatari riyals.

In the Indian rupee, 10 grams of 22-carat has gained by Rs 455.66 to Rs 54,559.44, while 100-gram is up by a whopping Rs 4,546.62 to Rs 5,45,594.40. 1-gram and 8-gram edged higher by Rs 45.47 and Rs 363.73 to Rs 5,455.94 and Rs 43,647.55 from the previous day.

Similar hikes were seen in 24-carat ranging from 1 gram to 100 grams. 10-gram gold in Indian rupee is at Rs 57,969.40 in Doha, while 100-gram is at Rs 5,79,694.05, 8-gram at Rs 46,375.52, and 1-gram at Rs 5,796.94.

Gold Prices In Dubai On March 2, 2024:

In the emirate city of the United Arab Emirates, gold prices surged by 0.75 dirhams to 75 dirhams in 22-carat and 24-carat. But gold in 18-carat saw a much higher increase by 3.35 to 335 dirhams from the previous day.

Citizens in Dubai on Saturday will pay 2,335 dirhams for 22-carat, while prices were 23,350 dirhams for 100-gram, 1,868 dirhams for 8-gram, and 233.50 dirhams for 1-gram.

Meanwhile, for under 24-carat, prices were 2,522.50 for 10-gram, at 25,225 for 100-gram, 2,018 for 8-gram and 252.25 for 1-gram.

Further, in regards to 18-carat, 10-gram gold is at 1,937.50 dirhams, 100-gram is at 19,375 dirhams, 8-gram is at 1,550 dirhams, and 1-gram is at 193.75 dirhams.

Compared to the Indian rupee, prices have surged by Rs 16.92 to Rs 1,691.56 in 1-gram to 100-gram for 22-carat and 24-carat in Dubai.

10-gram is at Rs 52,664.06 in 22-carat, while the price is at Rs 5,26,640.57 in 100-gram. While 1-gram and 8-gram 22-carat in Indian rupee at Rs 5,266.41 and Rs 42,131.25 respectively. Further, in 24-carat, in Indian rupee, the 10-gram gold in Dubai is available at Rs 56,892.97, 100-gram at Rs 5,68,929.70, 8-gram at Rs 45,514.38, and 1-gram at Rs 5,689.30.

Gold prices in Doha and Dubai even in the Indian rupee are still cheaper.

Gold Prices In India On March 2, 2024:

At home, in 22-cara, gold prices have surged by Rs 850 and Rs 8,500 in 10-gram and 100-gram to Rs 58,750 and Rs 58,750 respectively on Saturday. Further, in 1-gram and 8-gram, the prices have zoomed by Rs 85 and Rs 680 to Rs 5,875 and Rs 47,000 respectively.

Moreover, in regards to 24-carat, prices surged by Rs 930 and Rs 9,300 in 10-gram and 100-gram to Rs 64,090 and Rs 6,40,900. Also, prices were up by Rs 93 and Rs 744 to Rs 6,409 and Rs 51,272 in 1-gram and 8-gram respectively.

Furthermore, in 18-carat, 10-gram is up by Rs 700 to Rs 48,070, 100-gram surged by Rs 7,000 to Rs 4,80,700; 8-gram climbed by Rs 560 to Rs 38,456, and lastly 1-gram gained by Rs 70 to Rs 4,807.

Gold Weekly Outlook:

As per the Wise Money report of SMC Global Securities, in the week from February 26th to March 1, gold prices saw a modest increase for the second consecutive week. Conversely, silver prices declined for the second week due to weaker base metals data.

It added that gold held steady above $2,040 an ounce, securing its second consecutive weekly gain as the latest US inflation figures brought no surprises, thus maintaining expectations for Federal Reserve interest rate cuts this year. According to Thursday's data, US core PCE prices, a closely monitored inflation indicator by the Fed, increased by 0.4% month-on-month in January, accelerating from a 0.1% rise in December as widely anticipated.

Further, SMC's note added, that New York Fed President John Williams remarked that he anticipates the central bank to lower interest rates later in the year, citing easing inflation and a robust economy. He emphasized that current economic conditions do not warrant a rate hike. With receding inflationary pressures, the Fed is primed for potential rate cuts in the coming months. Reduced rates enhance the attractiveness of non-yielding assets such as gold. Money market indicators suggest traders are factoring in three quarter-point US rate cuts for 2024.

In the coming week, SMC's note said, " Despite negative ETF flows, which have led to a 3.3% decline in holdings for the world's largest gold-backed exchange-traded fund, SPDR Gold Trust's, and a 6.4% decrease so far this year,
gold prices remain supported partly due to China's central bank being the second-largest purchaser of gold reserves in the fourth quarter."

On COMEX, the brokerage's note said, "Gold prices are finding support near $2,000 and encountering resistance near $2,060. A break above $2,060 could propel prices towards $2,100. Silver is anticipated to trade within the range of $21.800 to $23.500. Looking ahead, Gold prices on MCX may find support near 60800 and face resistance around 62500. Meanwhile, Silver may trade in the range of 69000-72900."