Gold Prices In Doha, Dubai Vs India: Who Offers Cheaper Yellow Metal In 18 Carat, 22 Carat, 24 Carat?

Gold prices globally traded between flat-to-decline levels on Monday, after the US dollar witnessed a modest pickup. The greenback gained momentum after FOMC minutes dulled expectations of sooner-than-expected rate cuts which was followed by hotter-than-expected inflation data for January month. In a way, Fed officials hinted over the continuation of hawkish remarks as they believed it was too early for rate cuts. That supported the dollar and bonds, while haven came under pressure.

However, the downside in gold is still mild with tensions in the Red Sea and continued geopolitical tensions in the Middle East.

Rahul Kalantri, VP of Commodities, Mehta Equities said, the upward momentum of precious metals faces challenges from optimistic U.S. economic data and the strength exhibited by global equity markets, limiting potential gains.

Gold Prices In India, February 26, 2024:

In India, gold prices took a hit. 22-carat gold in 10 grams dipped by Rs 100 to Rs 57,600 on February 26, compared to Rs 57,700 in the previous session. 100-gram gold was down by Rs 1,000 to Rs 5,76,000, while 1-gram and 8-gram gold shed Rs 10 and Rs 80 to Rs 5,760 and Rs 46,080 respectively.

24-carat gold here declined by Rs 110 to Rs 62,840 in 10 grams, while 100 grams shed Rs 1,100 to Rs 6,28,400 from the previous day. 1-gram and 8-gram gold in 24 carat declined by Rs 11 and Rs 88 to Rs 6,284 and Rs 50,272.

For 18-carat, 10-gram gold dropped by Rs 80 to Rs 47,130, and 100-gram slipped by Rs 800 to Rs 4,71,300. While 1-gram and 8-gram fell by Rs 8 and Rs 64 to Rs 4,713 and Rs 37,704 compared to the previous day.

Kalantri said, "Technical levels indicate that gold finds support at $2016-2002, with resistance at $2041-2051. Similarly, silver has a support zone at $22.63-22.50, while facing resistance at $23.08-23.22. In INR, gold has a support range of Rs 62,080-61,910, with resistance at Rs 62,520 and Rs 62,680. For silver in INR, support is noted at Rs 69,740-69,280, and resistance is observed at Rs 70,950 and Rs 71,580."

Gold Prices In Doha, February 26, 2024:

Prices of pristine metals were unchanged compared to the previous day's print. On Monday, in 22-carat, 10 grams of gold was priced at 2,345 Qatari riyals, while 100 grams was available at 23,450 Qatari riyals. Meanwhile, 1-gram and 8-gram yellow metal in 22 carats are available at 234.50 Qatari riyals and 1,876 Qatari riyals respectively.

In 24-carat, 10-gram gold was available at 2,485 Qatari riyals, 100-gram at 24,950 Qatari riyals, 8-gram at 1,996 Qatari riyals and 1 gram at 249.50 Qatari riyals.

Meanwhile, in 18-carat, the prices of gold in 10-gram 1,919 Qatari riyals; 19,190 Qatari riyals for 100-gram; 1,535.20 Qatari riyals for 8-gram and 191.90 Qatari riyals for 1-gram.

Taking into consideration the gold prices of 10 grams in these carats in Doha, in Indian rupee, is at Rs 53,294.11 in 22-carat, and Rs 56,703.12 in 24-carat on February 26.

Gold Prices In Dubai, February 26, 2024:

Unlike Doha, the prices of yellow metal had fallen mildly. The prices dipped in the range of 0.25 dirhams to 25 dirhams in 22-carat and 24-carat, while the drop was much higher by 2.75 dirhams to 275 dirhams in 18 carats.

In 22-carat, 10-gram gold was down by AED 2.50 (Dirham) to 2,280 dirhams on February 26 compared to the previous day's 2,282.50 dirhams. Meanwhile, 100-gram yellow metal has become cheaper by 25 dirhams to 22,800 dirhams from the previous day's print of 22,825 dirhams. Also, 1-gram and 8-gram of 22-carat gold fell by 0.25 dirham and 2.50 dirham to 228 dirham and 1,824 dirham respectively.

Under 24-carat gold, 10-gram was down by 2.50 dirhams to 2,462.50 dirhams from the previous day, while 100-gram declined by 25 dirhams to 24,625 dirhams. 1-gram and 8-gram tumbled by 0.25 dirhams and 2 dirhams to 246.25 dirhams and 1,970 dirhams respectively.

In the case of 18-carat, 10-gram declined by 27.50 dirhams which is a huge correction, to 1,865 dirhams from 1,892.50 dirhams of the previous day. 100-gram gold slipped by 275 dirhams to 18,650 dirhams versus the previous day's 18,925 dirhams. 1-gram and 8-gram 18-carat plunged by 2.75 dirhams and 22 dirhams to 186.50 dirhams and 1,492 dirhams respectively.

In the Indian rupee, in Dubai, 10 grams of 22-carat gold is priced at Rs 51,464.39, down by Rs 56.43 from the previous day. 24-carat shed by Rs 56.43 as well as Rs 55,583.80 from the previous day.

Gold Prices In Abu Dhabi, February 26, 2024:

Just like Dubai, gold prices in Abu Dhabi also saw similar declines. They traded cheaper than then previous day by 0.25 dirhams to 25 dirhams in 22-carat and 24-carat, while in 18-carat, prices fell by 2.75 to 275 dirhams.

The prices of 22-carat, 24-carat and 18-carat are the same in Abu Dhabi as in Dubai even in Indian rupee.

For last week's performance, the analyst said, gold and silver rebounded from their recent lows on Friday, buoyed by a stable dollar and U.S. bond yields. Despite a hawkish tone in the Federal Reserve's monetary policy meeting minutes released last week, gold prices gained traction, breaking a two-week losing streak. The recovery in gold prices defied diminishing expectations of immediate Fed rate cuts, with geopolitical tensions and persistent buying support from global central banks playing crucial roles. Last week, both gold and silver prices experienced a resurgence as the Chinese central bank reduced its 5-year prime loan rates by 25 basis points to bolster its economy.

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