Gold Prices In Dubai Falls Ahead Of Fed Meeting; How Much Cheaper Yellow Metal Is In Indian Rupee?

Gold prices globally dipped on Monday as investors practised a wait-and-watch mode for the outcomes in the upcoming US Federal Reserve meeting that is scheduled for later in the week. Most likely expectations of early rate cuts are what investors are looking for which will provide support in non-yielding assets like yellow metal. In the emirate city of Dubai, gold prices were down across 18-carat, 22-carat, and 24-carat.

Gold Prices In Dubai, March 18:

In 22-carat, gold prices are down by 1 dirham to 100 dirhams. 10-gram gold was at 2,407.50 dirhams on March 18, while 100-gram gold stood at 24,075 dirhams. Further, 1-gram and 8-gram of yellow metal are priced at 240.75 dirhams and 1,926 dirhams respectively.

Further, in the case of 24-carat, prices dropped by 1.25 dirhams to 125 dirhams. On March 18, 10 grams of the yellow metal are available at 2,600 dirhams, 100 grams at 26,000 dirhams, while 1 gram and 8 grams of gold are at 260 and 2,080 dirhams respectively.

Under the lowest carat which is 18-carat, gold prices fell by 1 dirham to 100 dirhams. On Monday, the 10-gram is available at 1,598 dirhams, the 100-gram is at 19,975 dirhams, the 8-gram at 1,598 dirhams, and lastly 1-gram gold is at 199.75 dirhams.

In the Indian rupee, 22-carat of 10 grams in Dubai is available at Rs 54,344.98. In rupee terms, prices are down by Rs 22.57 to Rs 2,257.32 across grams.

Meanwhile, in the Indian rupee, gold prices have plunged by Rs 28.22 to Rs 2,821.65 in Dubai. The 24-carat of 10 grams is available at Rs 58,690.32.

Gold prices are currently cheaper in the Indian rupee in Dubai, then compared to gold sold across retail stores in India.

On Monday, gold prices in India also dived. 22-carat gold has dropped by Rs 21 to Rs 2,100, while 24-carat gold has slipped by Rs 23 to Rs 2,300, and of 18-carat of this pristine metal has fallen by Rs 17 to Rs 1,700.

In India, currently, 22-carat and 24-carat 10 grams are available at Rs 60,380 and Rs 65,870 respectively.

On overall latest gold performance, Rahul Kalantri, VP of Commodities, Mehta Equities said, gold and silver exhibited significant price volatility leading up to the Fed Monetary Policy meetings. Gold prices retreated from their all-time highs following hotter-than-expected U.S. inflation data and a rebound in the dollar index. The U.S. CPI and PPI data surpassed expectations, bolstering the dollar index. Conversely, silver prices demonstrated strength amidst gains in copper and other industrial metals, reaching 4-month highs and surpassing $25 per troy ounce on a weekly closing basis.

Further, he added, "With the U.S. Fed monetary policy meeting scheduled this week, market participants anticipate further guidance for the bullion markets. Gold finds support around $2142-2130, with resistance at $2167-2180. In terms of INR, gold has support at Rs 65,380-65,140, with resistance at Rs 65,850 and Rs 66,020. Silver, on the other hand, sees support around $24.98-24.80, with resistance at $25.31-25.45. In INR, silver finds support at Rs 74,940 -74,480, with resistance at Rs 76,140 and Rs 76,680."

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