Priyanka Tiwari
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Suspense crime, Digital Desk : For those looking to buy gold, there's good news from Dubai today. The price of the precious metal has seen a significant drop, influenced by a strengthening US dollar and investor caution ahead of a key policy decision by the US Federal Reserve.
This downturn makes gold more affordable for buyers in the UAE and for international shoppers in the famous Dubai gold souks. Silver prices have also seen a slight decrease. Here’s a look at the current rates.
Today's Gold Prices in Dubai (in UAE Dirhams - AED)
24-Carat Gold: The price for the purest form of gold is currently trading at 278.50 AED per gram, or 2,785 AED per 10 grams. This is down from the previous day.
22-Carat Gold: The price for standard jewelry gold stands at 257.75 AED per gram, or 2,577.50 AED per 10 grams.
(Note: 1 AED is approximately equal to 22.7 INR. Prices are subject to change.)
Today's Silver Price in Dubai
The price of silver has also dipped slightly, currently trading at 3,450 AED per kilogram.
Why Are Gold Prices Falling?
The primary reason for this price correction is the strength of the US dollar. Since gold is internationally priced in dollars, a stronger dollar makes it more expensive for buyers using other currencies, which tends to reduce demand and lower the price.
Additionally, investors worldwide are holding back ahead of the US Federal Reserve's upcoming meeting on interest rate policy. If the Fed signals that interest rates will remain high to combat inflation, it makes non-yielding assets like gold less attractive compared to investments that offer interest. This uncertainty is causing a "wait-and-see" approach in the market, putting downward pressure on gold prices.
This trend is also reflected in the Indian market, where gold futures on the Multi Commodity Exchange (MCX) were also trading lower, in line with the global sentiment.
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