Gold prices declined marginally in the United Arab Emirates, including Dubai, on Wednesday as 24-karat gold fell by AED 1.00 to AED 210.25 (Rs 4,683) per gram in the morning session. Similarly, gold in its 22-karat variety declined by AED 0.75 to AED 197.50 (Rs 4,400). In terms of ounce too, gold was trading down by AED 29.37 (Rs 654). The yellow metal was priced at AED 6,371.12 (Rs 141,928) per ounce in the UAE.
Data from Dubai Gold and Jewelery Group showed that silver also closed at AED 76.96 (Rs 1714). The currency of the United Arab Emirates is the Emirati Dirham, abbreviated as AED. The current price of one Emirati Dirham (AED) is Rs 22.27.
In Dubai, the 21-carat was trading cheaper at AED 188.50, and the 18-carat was also following the trend at AED 161.50. In Dubai, silver was trading at AED 2470 (Rs 55,018.77) per kg as compared to the previous closing price of AED 2,511.43 (Rs 55,941.61).
Gold prices may continue to fluctuate in the global market. The US Federal Reserve is about to announce another hike 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 expected to announce a rate hike of 50 basis points, which will put further pressure on gold prices.
Whereas, gold prices India Today, gold futures were trading at Rs 52,205, down 0.16 per cent. Silver futures registered a decline of 0.13 per cent and is trading at Rs 60,908.
Due to several factors, Indians prefer to buy gold in UAE, especially Dubai. Gold is much cheaper in Dubai as compared to India. In addition to being affordable, buying gold in the UAE is also tax-free, and the yellow metal is considered to be of very high quality.
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