Gold prices in Dubai's souk market have seen a significant jump for two consecutive days. 24K of 100 grams surged by Rs 1,137 on July 5. However, in 2 days, this bullion is up by Rs 2,274. Gold prices are up in the emirate city despite gold prices in India and other markets remaining unchanged after a solid rally.
Gold Prices In Dubai In Indian Rupees:
24K/100 grams gold price in Dubai is at Rs 6,50,635, rising by Rs 1,137 on July 5th. On the previous day, prices were also up by Rs 1,137 in the same grams.
Meanwhile, 24K of 10 grams is up by Rs 91 to Rs 65,063, 8 grams is at Rs 52,051 up by Rs 01, and lastly, 1 gram of gold is up by Rs 11 to Rs 6,506.
Coming to 22K, gold prices in Dubai are at Rs 6,02,334 in 100 grams which is up by Rs 1,136 of the previous day. On July 4, the 22K/100 grams was up by Rs 1,137. Overall, in 2 days, the price has surged by 2,273.
Furthermore, 22K of 10 grams is at Rs 60,233 higher by Rs113 from the previous day, while 8 grams surged by Rs 91 to Rs 48,187, and 1 gram is up by Rs 11 to Rs 6,023.
The cheapest gold to buy in the souk market in the Indian rupee is 18K of 1 gram which is available at Rs 5,001.86.
Gold Prices In Dubai In Dirhams:
In the local currency, 22K gold prices surged by 0.50 dirhams to 50 dirhams from the previous day. 100 grams is at AED26,500, 10 grams is at AED2,650, 8 grams at AED2,120 and 1 gram at AED265.
Meanwhile, 24K gold prices also jumped by 0.50 dirhams to 50 dirhams across grams. On July 5, 100 grams is at AED28,625, 10 grams is available at AED2,862.50, 8 grams is priced at AED2,290, and 1 gram is up by AED286.25.
Along similar lines, 18K gold prices also climbed by 0.50 dirhams to 50 dirhams in a single day. 100 grams is at AED22,000, followed by 10 grams price at AED2,200, 8 grams at AED1,760, and 1 gram at AED220.
The gold rates today in Dubai largely depend on the bullion markets. The rise or fall of the City of Gold is based on a host of factors. The prominent factors influencing gold rates are inflation rates, interest rates, taxes, local factors, demand and supply of the metal, geopolitical factors, economic factors and so on.
On the latest gold performance, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, Comex Gold extends gains amid rising bets that the Federal Reserve will trim interest rates before year-end after poor US economic data. Swaps traders are now pricing in a 70% chance of a rate cut in September. Now, all eyes are on the key US jobs numbers today as it is expected to show a decline in hiring and a moderation in wage growth."
Chainwala further said, "As per Bloomberg estimates, US Nonfarm Payrolls probably rose by 190,000 last month, Unemployment was seen holding at 4%, the highest in more than two years. If official data meets expectations, it may strengthen the case for the Fed to start cutting interest rates as soon as September and boost further upside in gold prices."
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