Gold prices in India continue to witness a sharp decline and Saturday, November 16 recorded a similar trend. Gold price of 24K in 10 grams is at Rs 75,650, down by Rs 110 in a single day. But did you know, that while gold prices in India continued to be under pressure, gold prices in the souk markets of a few countries witnessed a sharp surge? That is why, gold in India is now cheaper than gold sold in countries like United Arab Emirates, Qatar, Oman, and even Singapore. Let's check out the latest prices of 24K, 22K, and 18 K.
Gold Prices In India On November 16:
24K gold price dipped by Rs 1,100 to Rs 7,56,500 and that of 10 grams price here was down by Rs 110 to Rs 75,650. Further, 22K gold price plunged by Rs 1,000 to Rs 6,93,500 in 100 grams, and 10 grams of gold was down by Rs 100 to Rs 69,350. Further, gold prices in 18K also slipped by Rs 800 to Rs 5,67,400 in 100 grams, while price was down by Rs 80 to Rs 56,740.
The cheapest gold among 24K, 22K, and 18K is at Rs 5,674 per 1 gram in 18K.
As per a Reuters report, physical gold premiums in India climbed to a near four-month high this week, driven by a rebound in demand as prices dropped, while top consumer China saw limited retail buying interest. Indian dealers this week charged a premium XAU-IN-PREM of up to $16 an ounce over official domestic prices - inclusive of 6% import and 3% sales levies, from a premium of $3 last week. Higher premiums indicate an increase in retail demand.
Gold Prices In Oman On November 16:
Unlike the decline in gold prices in India, gold prices surged by as high as Rs 2,193 in 100 grams of 22K and 24K. The 10 grams of 24K is available at Rs 75,763 up by Rs 220, and 100 grams in the same carat is at Rs 7,57,626 up by Rs 2,193. In local currency, 24K of 10 grams is priced at OMR345.50.
Gold Prices In Qatar On November 16:
In the souk market of Qatar, gold prices have skyrocketed by a whopping Rs 25,470 in a single day in 100 grams of 24K to Rs 7,62,934, and the price surged by Rs 2,547 in 10 grams to Rs 76,293. Gold prices in 22K climbed to a massive Rs 232 to Rs 23,154, and in 18K, prices were up by Rs 190 to Rs 18,986 on Saturday alone.
22K and 18K of 10 grams are available at Rs 71,315 and Rs 58,349 respectively. In the local currency, gold prices stood at QAR3,295 in 10 grams of 24K.
Gold Prices In Singapore On November 16:
Although prices were unchanged on Saturday, gold sold in Singapore is still more expensive than gold in India. 24K of 10 grams is priced at Rs 76,805 as of November 16. In the local currency, gold is available at SGD1,221 in 10 grams of 24K.
Gold Prices In UAE On November 16:
Here as well, gold prices have continued to rise to record highs. In Indian rupees, 24K gold prices surged by Rs 24,712 and Rs 2,471 in 100 grams and 10 grams to Rs 7,62,039 and Rs 76,204. Further, gold prices were up in 22K and 18K as well.
In the local currency, gold price stood at AED3,315 in 10 grams of 24K.
Currently, gold prices in the Middle East have found support due to the escalation in geopolitical tensions revolving around Israel and its neighbouring countries like Gaza, Lebanon, Syria and Iran.
Middle East Tensions Summary:
Since October 7, 2023, Israel has been in a full-scale war with Hamas inside Gaza, taking out key terrorists including Yaha Sinwar and their Qatar-based political Ismail Haniyeh over the year. The ground invasion in Gaza continues until the remaining hostages aren't released and Hamas declares full surrender to Israel.
Alongside, Israel since October has been in a full-scale war with Hezbollah in Lebanon, taking out their decades-old leader Hassan Nasrallah in the process. Israel continues to bombard the key headquarters of Hezbollah. In the past, Israel has also encountered a few strikes with Syria and has carried out intense operations where they have eliminated major military figures of Hezbollah, Syria and Iran.
Both Hamas and Hezbollah are proxies of Iran. And hence, Iran too is now part of the war. Both Iran and Israel have exchanged heavy airstrikes two times in the past few months. But the latest development reveals that Israel's military force has likely destroyed one of the active top secret nuclear weapons in Iran's research facility in Parchin. This is reported to have taken place during Israel's retaliation on October 26 to Iran who had sent a barrage of missiles on Israeli soil in early October.
The matter between Israel and Iran continues to be at a boiling point, and the latest reports indicate that Iran is most likely preparing for a potential war with Israel. Reports have said that Iran is developing its defensive tunnel.
The head of transport for Tehran City Council told Reuters, that for the first time in the country, a tunnel with defensive applications is being built in Tehran.
Meanwhile, Lebonan's caretaker prime minister Najib Mikati has urged Iran to seek a cease-fire deal between Israel and Hezbollah owing to the damage in the country due to the latest war. The reports have stated that Iran's supreme leader Ali Khamenei has made visits to Lebanon.
Last month, Reuters reported that non-yielding gold has risen over 32% so far this year as safe-haven demand stemming from ongoing tensions in the Middle East bolstered prices, along with a half-point basis cut by the Federal Reserve.
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