Gold Prices Jump In Souk Market, June 15: 22K/100 Grams Up By Rs 1,137, 24K Rises Rs 569 Ahead Of Bakra Eid

Gold prices in the souk market of Dubai, soared with 22K/100 grams surging by as much as Rs 1,137 in a single day on June 15. On the other hand, 24K/100 grams was up by Rs 569. In dirhams as well, yellow metal prices surged by 0.25 dirhams to 50 dirhams. The gold prices will be in demand in the emirate city due to Bakra Eid celebration in the country and other countries including India.

Eid-ul-Adha will be celebrated in UAE and other countries in Middle East on June 16, 2024, while it will be celebrated in India on June 17.

Gold Prices In Dubai:

In Indian rupees, the cost of 22K of 100 grams jumped by Rs 1,137 to Rs 5,95,384, while 10 grams price soared by Rs 113 to Rs 59,538, and 8 grams surged by Rs 91 to Rs 47,631. Also, 1 gram of gold edged higher by Rs 12 to Rs 5,954 compared to the previous day.

Meanwhile, 24K prices also witnessed a jump however at a slower pace. 100 grams of 24K gold price in Dubai is at Rs 6,42,583 up by Rs 569 on June 15. Meanwhile, 10 grams climbed by Rs 57 to Rs 64,258, 8 grams was up by Rs 46 to Rs 51,407, and lastly 1 gram is up by Rs 6 to Rs 6,426 from the previous day.

In dirhams, gold prices were up by 0.25 dirhams to 25 dirhams in 24K and 18K.

The cost of 24K in 100 grams is priced at 28,250 dirhams, while 10 grams at 2,825 dirhams, 8 grams at 2,260 dirhams and 1 gram at 282.50 dirhams.

Additionally, 18K of gold is at 21,700 dirhams in 100 grams, while 10 grams at 2,170 dirhams, 8 grams at 1,736 dirhams and 1 gram at 217 dirhams.

On the other hand, 22k gold prices are up by 0.50 dirhams to 50 dirhams. 100 grams here is available at 26,175 dirhams, 10 grams is at 2,617.50 dirhams, 8 grams is at 2,094 dirhams, and 1 gram is at 261.75 dirhams.

Gold ended the week volatile after its four consecutive weekly surge. This comes after softer-than-expected inflation data heightened hopes of early rate cuts by the US Federal Reserve this year.

Earlier this week, the FOMC gave hawkish outcomes despite US inflation data coming softer than expected. Fed kept key fund rates at a 23-year high of 5.25-5.5% for the seventh time in a row. Instead of earlier three rate cut expectations in 2024, the Fed now expects only 1 rate cut this year and hints at four rate cuts in 2025.

The market believes there is a 70% probability of a 25 bps rate cut by FOMC in September policy, as per the CME FedWatch Tool.

As per FX Street, in case Fed officials push back against the market expectation of a policy pivot before the end of the year, US Treasury bond yields could push higher and make it difficult for XAU/USD to keep its footing. On the other hand, Gold is likely to attract buyers if policymakers voice support for rate two cuts, in September and December.