Big Jump In 22K/100 Grams Gold By Rs 1,704 In Souk Market; Cheapest Gold At Rs 4,917.23

Gold prices in the souk market of Dubai surged on Wednesday with 22K/100 grams of yellow metal witnessing a sharp upside of Rs 1,704. However, the cheapest gold to buy is of Rs 4917.23 which is the price of 1 gram of 18K.

In Indian rupee, 24K of gold is at Rs 6,39,950 in 100 grams, up by Rs 1,703 from the previous day. While 10 grams is up by Rs 170 to Rs 63,995 on Wednesday.

In the case of 22K, gold in 100 grams is much higher by Rs 1,704 to Rs 5,92,820, and that of 10 grams is at Rs 59,282 up by Rs 170 from the previous day.

In dirhams, 22K prices are up by 0.75 AED to 75 AED. The cheapest gold in 22K is 261 AED for 1 gram which in Indian rupee is at Rs 5,927.93. Meanwhile, 100 grams of 22K is at 26,100 AED and 10 grams is at 2,610 AED.

Further, in dirhams, 24K prices were also up by 0.75 AED to 75 AED. The cheapest gold is 1 gram at 281.75 AED which in Indian rupee is Rs 6,400.81. Here, 100 grams is at 28,175 AED, and 10 grams is at 2,817.50 AED.

Finally, the lowest carat 18K saw a surge of 0.50 dirhams to 50 dirhams on Wednesday. 100 grams is at 21,650 AED and 10 grams is at 2,165 AED. 18K of 1 gram is the cheapest gold to buy even compared to 22K and 24K. 1 gram here is at 216.50 dirham which is at Rs 4,918.46 in Indian rupee.

In the previous session, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, "COMEX Gold prices closed higher on Tuesday as softer than expected US retail sales increased rate cut wagers. Date released yesterday showed that Retail sales in the US rose by 0.1% in May, missing the 0.2% forecast and signaling cooling consumer sentiment. Meanwhile, a chorus of Federal Reserve officials on Tuesday emphasized the need for more evidence of cooling inflation before lowering interest rates. Elsewhere, more central banks plan to increase their gold reserves within a year due to economic and political uncertainty, according to a recent survey by the World Gold Council."