Gold Prices: In Dubai, Big Drop In 24-22 Carat Yellow Metal, Here's Why And Check Latest Prices

Gold prices started the current week in the red, with 24-carat, 22-carat and 18-carat falling across grams. In the emirate city, Dubai, 10 grams of 24 carat fell by 170 and 100 grams of the same carat dipped by nearly Rs 1,704 in a single day. Gold prices last week snapped from six consecutive weekly winning streaks. The reason why gold prices are under pressure is due to a slight upside in the US inflation indicator, pushing hopes of early rate cuts on the sidelines.

In Indian Rupees, Gold Prices In Dubai Are:

Gold prices in 22-carat and 24-carat tumbled in the range of Rs 17.04 to Rs 1,703.82 across grams.

Under 22-carat, 10-gram is down by Rs 170.38 to Rs 59,406.52 compared to the previous day, while 100-gram of the same has dropped by Rs 1,703.82 to Rs 5,94,065.24 from the previous day's print. Meanwhile, 1-gram and 8-gram gold shed up to Rs 17.04 and Rs 136.31 apiece to Rs 5,940.65 and Rs 47,525.22 respectively.

In the case of 24-carat, similar declines were witnessed. 10-gram was at Rs 64,177.22 on April 29 versus Rs 64,347.60, while 100-gram stood at Rs 6,41,772.20 as against Rs 6,43,476.02 of the previous day. 1-gram was at Rs 6,417.72 from Rs 6,434.76 of April 28th, and that of 8-gram was at Rs 51,341.78 as against Rs 51,478.08.

Gold prices are relatively better in Dubai even in Indian rupees, compared to the gold sold in India.

In Dirhams, Gold Prices In India Are:

Both 22-carat and 24-carat registered a decline of 0.75 dirhams to 75 dirhams in their prices. While 18-carat slipped by 0.60 dirhams to 60 dirhams.

In 24-carat, 10-gram gold is at 2,825 dirhams, down by 7.50 dirhams from the previous day, while 100-gram is at 28,250 dirhams lower by 75 dirhams in a single day. Further, 1 gram is down by 0.75 dirhams to 282.50 dirhams, and that of 8-gram shed up to 6 dirhams to 2,260 dirhams.

Meanwhile, in 22-carat, 10-gram of gold is available at 2,615 dirhams, 100-gram is at 26,150 dirhams, 8-gram at 2,092 dirhams, and lastly, 1-gram of yellow metal is at 261.50 dirhams.

The latest drop in gold prices in Dubai comes after being unchanged during the weekend. So far in April, in Dubai, gold prices have surged by 3.5%.

Rahul Kalantri, VP of Commodities, Mehta Equities said, last week, the trading performance of gold and silver was a mixed bag, marked by a choppy trend. Both precious metals experienced a downturn following a surge in U.S. inflation and disappointing GDP data released during the same period. The dollar index once again strengthened, fuelled by dwindling expectations of Federal Reserve rate cuts. Concurrently, U.S. 10-year bond yields reached five-year highs. Despite these headwinds, gold prices found support from robust Chinese demand. Chinese gold consumption saw a 5.94% increase in the first quarter compared to the previous year, with imports from Hong Kong soaring by 40% in March alone.

Kalantri added, "Gold's support levels stand at $2310-2292, with resistance levels at $2345-2361. For silver, support is found at $27.00-26.80, while resistance lies at $27.42-27.60. In terms of INR, gold has support at Rs 71,220 and Rs 70,950, with resistance at Rs 71,650 and Rs 71,820. Silver's support levels are at Rs 79,840-79,180, with resistance at Rs 80,940 and Rs 81,680."

Also, Kaynat Chainwala, Senior Manager-Commodity Research, Kotak Securities said, "COMEX Gold futures witnessed the first weekly decline in six and plunged more than 2% during the previous week, as investor's gauged ease in geo-political tensions, mixed economic data from US and hawkish comments from Fed officials ahead of the FOMC policy meeting this week. US economy grew much less than expected in Q1 but inflationary pressures remained elevated. Swap markets have pushed the first quarter point rate cut to November. For the week, the US and Chinese PMIs, US Jobs data and FOMC policy meeting will be in the focus. The Federal Reserve is expected to deliver a hawkish tone given the recent uptick in inflation."