Gold dips At AED 6,371.12/Ounce, Silver follows in at AED 76.96

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The gold price in the UAE, including Dubai, on Wednesday, recorded a slight dip as the rate of 24-carat gold dropped by 1.00 AED in the morning session to reach AED 210.25 (Rs 4,683) per gram. Similarly, the 22-carat variety of gold traded lower by 0.75 AED and is priced at 197.50 AED (INR 4,400). In terms of ounces, too, gold was trading lower, down by 29.37 AED (INR 654). The price of yellow metal per ounce in UAE was AED 6,371.12 (INR 141,928).

Dubai Gold and Jewellery Group data showed that silver was also down at AED 76.96 (Rs 1714). The currency of the United Arab Emirates is the Emirati Dirham, abbreviated as AED. One Emirati Dirham (AED) is presently worth Rs 22.27 INR.

In Dubai, the 21-Carat was trading cheaper at AED 188.50, and 18-karat was also following the trend at AED 161.50. Silver traded down at AED 2470 (Rs 55,018.77) per kilogram in Dubai, compared with the previous close of AED 2,511.43 (Rs 55,941.61) yesterday.

The price of gold may continue to fluctuate on the global market. The US Federal Reserve is about to announce another increase in interest rates in an effort to curb inflation. At its most recent meeting – the minutes of which have not yet been released – the Federal Reserve is anticipated to announce a rate increase of 50 basis points, which will increase strain on gold prices.

On the other hand, the gold prices in India today saw a decline with gold futures trading down by 0.16 percent at Rs 52,205. Silver futures followed in and recorded a 0.13 percent drop, trading at Rs 60,908.

Due to a variety of factors, Indians choose to purchase gold in the United Arab Emirates, particularly in Dubai. When compared to India, gold is substantially less expensive in Dubai. In addition to being affordable, purchasing gold in the United Arab Emirates is also tax-free, and the yellow metal there is known to be of significantly higher quality.

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