Gold Prices In Dubai Fall: Yellow Metal Globally Snaps 3-Weeks Winning Streak Amid Firm Dollar

The prices of the pristine, shiny and yellow metal are in a see-saw as bullish sentiments in haven assets dampened after hotter-than-expected US inflation data crushed hopes for a sooner-than-expected US Federal Reserve rates cut. International gold prices are moving to halt their three consecutive weeks gaining spree on Friday. Gold prices in Dubai, the emirate city of UAE, fell from 18 carats to 24 carats.

US inflation came in at 3.2% in February 2024, higher than the previous month and also above the street's expectations. High inflation could result in the Fed keeping interest rates at multi-year, which in return would increase the appetite for bonds and the dollar, but also weigh on non-yielding assets like gold and silver.

If the dollar rises, the demand for yellow metal takes a setback as the bullion becomes more expensive for overseas forex holders.

This week, the US dollar has surged by over 0.73%, while the benchmark 10-year treasury yield climbed over 20.60 bps so far to 4.300%. Meanwhile, 10-gram of 24-carat in Dubai has slipped by 0.85% in this week, and prices in India have tumbled 0.24% so far. Last week, gold prices were at their all-time highs.

Here are the details of the latest gold prices in Dubai.

Gold Prices In Dubai, March 15:

22-Carat Gold:

In the case of 22-carat, 10 grams of gold fell by 5 dirhams to 2,425 dirhams on March 15, compared to the previous day's price of 2,430 dirhams. While 100 grams of gold tumbled by 50 dirhams to 24,250 dirhams, as against 24,300 dirhams of the previous day.

Further, 1-gram and 8-gram of gold in 22-carat were down by 0.50 dirhams and 4 dirhams, to 242.50 dirhams and 1,940 dirhams on March 15. On the previous day, 1 gram and 8 grams of gold were at 243 dirhams and 1,944 dirhams respectively.

24-Carat Gold:

Similar declines are recorded in gold prices of 24-carat. 10 grams of gold is available at 2,617.50 dirhams, lower by 5 dirhams from the previous day's print of 2,622.50 dirhams.

100-gram, the highest gram in gold, fell by 50 dirhams to 26,175 dirhams compared to the previous day's print of 26,225 dirhams. Also, 8-gram gold slipped by 4 dirhams to 2,094 dirhams compared to the price of 2,098 dirhams on March 14. In the lowest gram, gold was at 261.75 dirhams in 1 gram, down by 0.50 dirhams from the previous day.

18-Carat Gold:

Here, the space of drop was much lower compared to 22-carat and 24-carat. 10-gram 18-carat dipped by 4 dirhams to 1,984 dirhams on March 15, compared to the previous print of 1,988.

100-gram of 18-carat is down by 40 dirhams to 19,840, compared to the previous day of 19,880 dirhams. Also, 1 gram and 8 grams of gold here fell by 0.40 and 3.20 dirhams to 198.40 and 1,587.20 dirhams respectively.

Gold Prices In Dubai, In Indian Rupees.

In rupee terms, 22-carat and 24-carat of gold in Dubai fell by Rs 11.29 to Rs 1,128.89 on March 15. 10-gram was at Rs 54,751.17 in 22-carat and at Rs 59,097.39 in 24-carat.

Prices were cheaper compared to the gold price sold in India. 22-carat and 24-Carat in 10 grams is at Rs 60,600 and Rs 66,110 respectively on March 15. Yellow metal prices in India remain the same as yesterday.