Gold Prices In Dubai Shines, How Much To Pay In Indian Rupee? Latest Price Of 18-22-24 Carats

Gold prices in Dubai rose on Wednesday despite a steadier dollar after investors weighed in on the higher-than-expected US inflation data which is a spoilsport for expectations of sooner rate cuts by the US Federal Reserve. 24-carat gold in Dubai is priced at 2,615 dirhams, while the price is at 58,994.14 in Indian rupees per 10 grams.

Gold Prices In Dubai, March 13, 2024:

22-Carat: Yellow metal surged by 0.25 to 25 dirhams here. 10-gram of 22-carat was available at 2,420 dirhams, up by 2.50 dirhams from the previous day. Further, 100 grams of gold jumped 25 dirhams to 24,200 on March 13th from the previous day. Also, 1-gram and 8-gram of gold edged higher by 0.25 and 2 dirhams to 242 and 1,936 dirhams compared to March 12.

24-Carat: The spike in gold prices in 24-carat in Dubai was much higher to the tune of 0.50 to 50 dirhams. 100 grams, the highest gram of gold, climbed by 50 dirhams to 26,150, while 10 grams was costlier by 5 dirhams to 2,615 dirhams as against the previous day. Further, 8 grams of gold inched up by 4 dirhams to 2,092 dirhams, and 1 gram was up by 0.50 dirhams to 261.50 dirhams.

18-Carat: The rise in 18-carat gold compared to the 22-carat and 24-carat surge, was much lesser in quantum. 10-gram 18-carat surged by merely 2 dirhams to 1,980 dirhams, while the 100-gram price soared by 20 dirhams to 19,800 dirhams. 1-gram and 8-gram of this shiny yellow metal inched up by 0.20 and 1.60 dirhams to 198 and 1,583 dirhams from the previous day.

In Indian Rupees, Gold Prices In Dubai:

Coming to 22-carat, 10-gram of this pristine metal was up by Rs 56.40 to Rs 54,594.96, while 100-gram climbed by Rs 564 to Rs 5,45,949.58 compared to the previous day. 1-gram and 8-gram jumped by Rs 5.64 and Rs 45.12 respectively.

In the case of 24-carat in Indian rupees, 10-gram surged by Rs 112.80 to Rs 58,994.14, and that of 100-gram climbed by a whopping Rs 1,127.99 to Rs 5,89,941.38 compared to the previous day. 1-gram and 8-gram were up by Rs 11.28 and Rs 90.24 respectively.

The latest price of gold in Dubai in terms of Indian rupee is still cheaper than compared to the gold sold in India.

Currently, 10 grams of 22-carat in India is available at Rs 60,350, and 24-carat of the same gram is priced at Rs 65,840. Notably, unlike Dubai, gold prices are down in India.

22-carat gold prices in India are down by Rs 39 to Rs 3,900. While 24-carat is down by Rs 42 to Rs 4,200. The pristine metals in India retreated after an inflation print that sparked momentum in the greenback. Also, profit-booking was seen after gold and silver prices touched an all-time high last week.

Rahul Kalantri, VP of Commodities, Mehta Equities said that gold and silver prices experienced significant gains last week, with gold prices soaring by approximately 4.0% and reaching new all-time highs. The price of gold tested the $2,194 per troy ounce mark, while silver prices also closed around $24.50 per troy ounce. Contributing factors to this upward trend included a decline in the dollar index to 8-week lows and a decrease in U.S. 10-year bond yields below 4.10%, both of which bolstered the appeal of gold and silver.

Kalantri added, Despite better-than-expected U.S. non-farm payroll data, an increase in the unemployment rate to 3.9% exerted downward pressure on the dollar index, further supporting the prices of these precious metals. Gold prices closed at record highs, buoyed by the U.S. Federal Reserve Chairman's testimony, which hinted at potential interest rate cuts starting in June in the United States.

Lastly, he added, " Market volatility for gold and silver is anticipated to continue this week. Gold is expected to find support in the $2,172-$2,158 range, with resistance likely at $2,200-$2,214. Silver is projected to have support at $24.10-$23.94, with resistance between $24.48-$24.44. In terms of INR, gold is expected to find support at Rs 65,760-Rs 64,580, with resistance at Rs 66,210-Rs 66,420. Silver is projected to find support at Rs 73,640-Rs 73,080, with resistance at Rs 74,840-Rs 75,380."