Gold Prices: In the souk market of Dubai, gold prices glittered as geopolitical tensions escalate between Israel and Gaza, while hopes for early rate cuts keeps yellow metal an appealing investment. In the emirate city, 22K jumped more than 24k, while 18k prices shone after falling for two-consecutive days. In Indian rupees, 24K surged by Rs 568 in 100 gram at Dubai, while 22K surged by over Rs 1,136 in the same gram.
Gold Prices In Dubai In Indian Rupees:
22K of 10-gram is at Rs 59,203.38, while 100-gram is at Rs 5,92,033.83, 8-gram at Rs 47,362.71, and 1-gram is at Rs 5,920.34.
Further, in 24K, 10-gram yellow metal is available at Rs 63,928.27, while in 100-gram the price is at Rs 6,39,282.68, 8-gram at Rs 51,142.61, and 1-gram at Rs 6,392.83.
The cheapest yellow metal in INR to buy in souk market is below Rs 6,400 in 24k and below Rs 6,000 in 22k. This will be the price of 1-gram.
Gold Prices In Dubai In Local Currency:
In dirhams, 22k gold price in Dubai surged over 0.25%, while the 22K zoomed by 0.5%. 18k prices also edged up!
22K of 10-gram is at 2,600 dirhams, 100-gram is at 26,000 dirhams, 8-gram at 2,080 dirhams, and 1-gram at 260 dirhams.
Meanwhile, 24K of 10-gram is available at 2,807.50 dirhams, 100-gram at 28,075 dirhams, 8-gram at 2,246 dirhams, and 1-gram at 280.75 dirhams.
Furthermore, 18K of 10-gram is at 2,157.50 dirhams, 100-gram at 21,575 dirhams, 8-gram at 1,726 dirhams, and 1-gram at 215.75 dirhams.
Rahul Kalantri, VP Commodities, Mehta Equities said: Gold and silver prices lost momentum and closed on a negative note on Tuesday amidst a robust US Dollar and declining US Treasury bond yields. Analysts are eagerly awaiting further comments from Federal Reserve officials to gain clarity on the potential timeline for interest rate cuts. Meanwhile, investors are closely monitoring developments in the Middle East crisis, as Hamas accepted a Gaza cease-fire plan while Israel continued attacks in Rafah, expressing dissatisfaction with the parameters and pledging to pursue further discussions.
Kalantri added, expectations are for gold and silver prices to remain volatile. Gold finds support at $2294-2278 with resistance at $2328-2342, while silver's support lies at $26.90-26.75 and resistance at $27.28-27.41. In terms of INR, gold has support at Rs 70,940 and Rs 70,760, with resistance at Rs 71,440 and Rs 71,620. For silver, support levels are at Rs 82,140-81,580, while resistance is at Rs 83,640 and Rs 84,080.
The latest surge can be attributed to the surge in international prices with the dollar index softening against a basket of currencies. The rally was due to expectations of a rate cut in the September meeting.
In regards to geopolitical tensions, the ceasefire talks between Israel and Gaza have taken a setback, keeping the Middle East at a knives-edge.
Hamas agreed to a ceasefire deal which was discussed between them, Qatar and Egypt as part of the ceasefire discussion. However, this was rejected by Israeli authorities as it did not meet their basic requirement. Currently, Israel has decided to continue on its mission in the Rafah border.
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