Gold Prices In Souk Market, Hijri (Muharram): 24K/100 Grams Jumps Rs 7,393; 22/10 Grams Rs 46 Away To Rs 63K

Gold prices in the souk market of Dubai jumped massively on July 17 during the occasion of Hijri which is popularly known as Muharram. Being a Muslim-majority city, the occasion of Muharram is significant as it marks the first month of the Islamic calendar. Gold prices are at an all-time high in the emirate city, tracking international market prices.

In the Indian rupee, 24K/100 grams of gold is up by Rs 7,393, the highest jump of the day, and that of 10 grams price crossed the Rs 68,000 mark. While 22K of 10 grams is just Rs 46 away from hitting the Rs 63,000 mark, and the cheapest gold which is 1 gram in 18K is now above Rs 5,200.

Gold Prices In Dubai On July 17 In Indian Rupee:

24K gold price in Dubai surged by Rs 7,393 to Rs 6,80,150, while 10 grams price is up by Rs 739 to Rs 68,015. Further, 8 grams and 1 gram edged higher by Rs 591 and Rs 74 to Rs 54,412 and Rs 6,802 respectively.

Further, 22K of 100 grams is up by Rs 6,824 to Rs 6,29,537 on July 17, and that of 10 grams is at Rs 62,954 up by Rs 683, also just Rs 46 away from touching the Rs 63,000 level. 8 grams of gold in this carat is at Rs 50,363 higher by Rs 546, while 1 gram is up by Rs 68 to Rs 6,295.

In the case of 18K, 100 grams is available at Rs 5,22,624, increasing by Rs 5,697 on July 17. Also, 10 grams is at Rs 52,262, up by Rs 568. While 8 grams price is at Rs 41,810, higher by Rs 455, and lastly 1 gram is up by Rs 57 to Rs 5,226.

Gold Prices In Dubai In Dirhams:

24K gold prices climbed from 3.25 dirhams to 325 dirhams. 100 grams is at AED29,900, 10 grams is at AED2,990, 8 grams is at AED 2,394, and lastly, 1 gram is at AED 299.

Whereas, 22K jumped by 3 dirhams to 300 dirhams. 100 grams is available at AED27,675, 10 grams is at AED2,767.50, 8 grams is at AED2,214, and 1 gram is at AED277.

Lastly, 18K gold prices surged by 2.50 dirhams to 250 dirhams. 100 grams is at AED22,975, while 10 grams is at AED2,297.50, 8 grams is at AED1,838, and lastly 1 gram is at AED230.

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.

Gold prices in Middle east countries are lower compared to the Indian cities. The tax-free policies on gold in these countries on the yellow metal have reduced gold prices. For investors, it is better to accumulate or purchase gold in small quantities whenever the prices fall. Predicting the gold rates and their movement in a specific direction is impossible. The yellow metal has been witnessing strong growth over the last few months in Middle east countries.

On Wednesday, US gold futures with August expiry touched a new lifetime high of 2,487.25. While spot gold hit a new record high of 2,482.41. International gold prices surged as investors' optimism for safe-haven assets surged on rate cut hopes in September policy by the US Federal Reserve.