Gold Prices In Dubai Continue To Fall, Rates In Doha Unchanged; What Is The Price In Indian Rupee?

Broadly, gold prices globally traded in a narrow range on Wednesday with the US treasury yield declining, offsetting the steady dollar index against a basket of world currencies. In Dubai, the emirate city of the United Arab Emirates, prices of yellow metal continued to fall this week, while in Doha, the main financial hub of Qatar, prices were unchanged after a mixed performance in the previous day.

Gold Prices In Doha, February 28, 2024:

On Wednesday, prices of pristine metals were unchanged in Doha compared to the previous day. In 22-carat, 10 grams of gold was priced at 2,345 Qatari riyals, while 100 grams was available at 23,450 Qatari riyals. Meanwhile, 1-gram and 8-gram yellow metal in 22 carats are available at 234.50 Qatari riyals and 1,876 Qatari riyals respectively.

Notably, in the case of 24-carat, the price of yellow metal remained unchanged at 2,490 Qatari riyals for 10-gram; 24,900 Qatari riyals for 100 grams; 1,992 Qatari riyals for 8 grams and 249 Qatari riyals for 1-gram

In the case of 18-carat, the 10-gram gold was available at 1,919 Qatari riyals; 19,190 Qatari riyals for 100-gram; 1,535.20 Qatari riyals for 8-gram and 191.90 Qatari riyals for 1-gram.

In the Indian rupee, gold prices in Doha were priced at Rs 53,319.20 for 10-gram of 22-carat, and Rs 56,616.13 for 10-gram of 24-carat.

Gold Prices In Dubai, February 28, 2024:

The yellow metal dipped by 2.50 dirhams in 22-carat for 10-gram to 2,277.50 dirhams on Wednesday, compared to 2,280 dirhams on the previous day. While 100 grams of 22-carat was down by 25 dirhams to 22,775 dirhams versus 22,800 dirhams of previous print. While 1-gram and 8-gram in 22-carat gold dipped by 0.25 dirham and 2 dirham to 227.75 dirham and 1,822 dirham respectively.

Moreover, 24-carat gold in 10-gram here was priced at 2,460 dirham, also down by 2.50 dirham compared to 2,462.50 dirham of the previous day. 100 grams of this gold plunged by 25 dirhams to 24,600 dirhams as against the previous day's print of 24,625 dirhams. 1-gram and 8-gram of 24-carat gold slipped by 0.25 dirham and 2 dirham to 246 dirham and 1,968 dirham respectively.

A similar decline was also seen in 18-carat gold in Dubai. The 10-gram price stood at 1,890 dirhams versus 1,892.50 dirhams, while the 100-gram rate was at 18,900 dirhams versus 18,925 dirhams of the previous day. 1-gram and 8-gram of 18-carat gold stood at 189 dirhams and 1,512 dirhams on Wednesday versus 189.25 dirhams and 1,514 dirhams on the previous day.

In Dubai, 22-carat and 24-carat gold in 10-gram was available at Rs 51,413.88 and Rs 55,533.76 in Indian rupees.

Investors will be focusing on the upcoming inflation data that will provide further clarity on the US Federal Reserve's rate cut trajectory ahead. Meanwhile, they will also keep a close watch on Fed official's remarks scheduled later in the week.

Rahul Kalantri, VP Commodities, Mehta Equities aid, Gold and silver traded within a narrow range ahead of the release of U.S. GDP and PCE price index data. The evening session saw some recovery in both gold and silver prices following lower-than-expected U.S. durable and core durable goods orders data. However, gains were capped as U.S. consumer confidence data once again disappointed investors, limiting the upward momentum in precious metals. The dollar index remained steady leading up to the release of key U.S. economic data. The market awaits further indications regarding inflation and potential rate cuts from the U.S. Federal Reserve.