Gold Prices In Souk Market: Big Jump In 22K/100 Grams Gold By Rs 2,287 Vs 24K, 18K In Dubai On September 12

Gold prices in the souk market of Dubai continue to rise for four consecutive days on Thursday, September 12. The single-day surge currently is seen in 22K of 100 grams by Rs 2,287. This was the highest upside compared to gains of Rs 1,715 each in 18K and 24K of 100 grams. The cheapest gold to buy in the souk market is below Rs 5,360.

The trend in the yellow metal is broadly volatile after lower-than-expected US inflation data dulled expectations of big size such as a 50 bps rate cut from the Federal Reserve in the upcoming policy. Now, expectations have narrowed to a 25 bps cut ahead, which if happens, will be the first cut since May 2020. Meanwhile, a rate cut of 25 bps is likely from the European Central Bank (ECB) which is going to announce its policy later on Thursday.

With bets of big size rate cut dimming, the dollar reached near its four-week high as against other major currencies like the Euro. This led to tempering demand for haven assets in the commodities section, as when the dollar gains momentum the non-yielding assets like yellow metal take a backseat. In August 2024, US inflation cooled to 0.2%.

Gold Prices In Dubai In Indian Rupees:

22K gold prices surged by a whopping Rs 2,287 in the souk market to Rs 6,45,379, while 10 grams price soared by Rs 229 to Rs 64, 538, and that of 8 grams gold is up by Rs 183 to Rs 51,630, and lastly, 1 gram price is up by Rs 23 to Rs 6,454.

Meanwhile, the 24K gold price is at Rs 6,96,826 in 100 grams surging by Rs 1,715. Further, 10 grams price jumped by Rs 172 to Rs 69,683, and 8 grams price saw an upside of Rs 137 to Rs 55,746, and finally, the lowest gold which is 1 gram is available at Rs 6,968 up by Rs 17.

Coming to the lowest carat aka 18K, 100 grams of gold is available at Rs 5,35,624 up by Rs 1,715 on Thursday, followed by an upside of Rs 171 to Rs 53,562, and further gains of Rs 137 to Rs 42,850 in 8 grams. Lastly, 1 gram of gold is at Rs 5,356 up by Rs 17.

Gold Prices In Dubai In Dirhams:

In dirhams, the local currency of Dubai, gold prices surged by 0.75 dirhams to 75 dirhams. 24K gold in 100 grams is priced at AED30,475, followed by yellow metal of 10 grams at AED3,047.50, 8 grams at AED2,438, and 1 gram at AED304.75.

Meanwhile, 22K gold prices zoomed by 1 dirham to 100 dirhams in a single day. 100 grams gold price is at AED28,225, while 10 grams is at AED2,822.50, 8 grams price is at AED2,258, and 1 gram is at AED282.25.

In the case of 18K, gold was also up by 0,75 dirhams to 75 dirhams. 100 grams yellow metal in this carat is available at AED23,425, moreover, 10 grams is at AED2,342.50, 8 grams is at AED1,874, and 1 gram is at AED234.25.

Overall, gold prices in Dubai are currently up by 0.5% each across 22K, 24K, and 18 K.