Gold Prices In Dubai: Yellow Metal Is Steady Ahead Of Economic Data, Check Prices Of 18-22-24 Carats

Gold prices globally witnessed a volatile trend as the dollar showed resilience. Traders await the upcoming producer price index and retail sales data which they hope will give a clear view of the upcoming Fed rates cut trajectory, as their sentiments were dampened when US inflation came in higher-than-expected earlier this week.

Gold prices in the Emirates City of UAE were steady on Thursday, staying cheaper than Indian prices in rupee terms. Gold prices in India have shot up.

Gold Prices In Dubai, March 14, 2024:

22-Carat: 10 grams of 22-carat is available at 2,430 dirhams. Further, 100 grams of gold stood at 24,300 dirhams on March 14th, while 1-gram and 8-gram of gold were priced at 243 and 1,944 dirhams.

24-Carat: 100 grams, the highest gram of gold is available at 26,225 dirhams, while 10 grams was around 2,622.50 dirhams, 8 grams of gold were available at 2,098 dirhams, and that 1 gram was at 262.25 dirhams.

18-Carat: Here, 10-gram is available at 1,980 dirhams, while the 100-gram price is priced at 19,880 dirhams. 1-gram and 8-gram of this shiny yellow metal is currently at 198.80 and 1,590.40 dirhams from the previous day.

In Indian Rupees, Gold Prices In Dubai:

In the Indian rupee, 22-carat of 10 grams is priced at Rs 54,836.47, while 100-gram is at Rs 5,48,368.38 compared to the previous day. 1-gram and 8-gram were at Rs 5,483.68 and Rs 43,869.47 respectively.

Meanwhile, 24-carat in Indian rupees in Dubai is available at -- Rs 59,180.91 in 10-gram, at Rs 5,91,809.09 in 100-gram, at Rs 47,344.73 in 8-gram, and Rs 5,918.09 in 1-gram.

So far in 2024, the prices of gold in Dubai have been cheaper in Indian rupees than compared to the pristine metal sold in India. Currently, 10 grams of 22-carat in India is available at Rs 60,600, and 24-carat of the same gram is priced at Rs 66,110. Notably, unlike Dubai, gold prices in India surged to a record high.

On March 14, in India, gold prices soared by Rs 25 to Rs 2,500 in 22-carat across grams, while prices shot up from Rs 27 to Rs 2,700 in 24-carats. Meanwhile, prices were up from Rs 20 to Rs 2,000 in 18-carat in the country.

Safe Haven assets like gold have been a key investment option to hedge returns against high inflation. Gold does not only hold a traditional significance in India, but also has an essence of security, long-term wealth-creating ability, and risk-minimizing investment options. Gold demand is always high during the festive season in the country. Not just that, gold is also accepted as collateral against loans, which further minimizes the rate of interest that borrowers pay on their borrowings.

It needs to be noted that, when key policy rates go down, the probability of gold prices rising is higher. This is also because when interest rates are higher, gold usually becomes less lucrative compared to investment options like bonds, dollar, and other market-related instruments as they tend to go higher in such a situation. So, a rate cut sooner-than-expected is what gold investors are hoping for.