Gold Prices In Dubai, UAE: 24-Carat Of Yellow Metal Over Rs 61,400 In Emirate City; What To Expect?

Gold prices in Dubai, the emirate city of UAE are at a lifetime high in terms of Indian rupees, tracking international trends on hopes of a rate cut as early as June and intensifying geopolitical tensions. 10-gram of 24 carats in Dubai is at Rs 61,410.80 on April 1, which is still cheaper compared to all-time highs of Rs 69,380 Per 10 grams.

In Indian rupees, 24-carat gold prices stood at Rs 61,410.80 in Dubai on April 1, stable from the previous print. While 100 grams of this carat was priced at Rs 6,14,108.04, 8 grams at Rs 49,128.64, and 1 gram at Rs 6,141.08.

Further, in 22-carat, gold was available at Rs 56,870.26 per 10 grams in Dubai, while 100-gram was at Rs 5,68,702.64, 8-gram at Rs 45,496.21, and 1 gram at Rs 5,687.03.

In dirhams, 24-carat and 22-carat of 10 grams were at 2,705 and 2,505 dirhams respectively.

Compared to the gold prices in India, in rupee terms, the yellow metal is cheaper in Dubai.

In India, In 22-carat, prices of 10-gram surged by Rs 850 to Rs 63,600, while 100-gram climbed by Rs 8,500 to Rs 6,36, 600. Further, in 24-carat, gold prices jumped by Rs 930 to Rs 69,380, a new record level, while 100 grams advanced by Rs 9,300 to Rs 6,93,800.

Moreover, gold with June 5 expiry climbed to a new high of Rs 68,926 per 10 grams. MCX gold with expiring on April 5 skyrocketed to hit a new high of Rs 69,487 per 10 grams.

In the international market, spot gold touched a new high of $2,265.73 an ounce, while US Gold Futures with expiry of June 2024 skyrocketed to hit its record high of $2286.35.

On bullion, Rahul Kalantri, VP of Commodities, Mehta Equities said, "We expect gold and silver prices to remain volatile this week ahead of the U.S. job data and Fed Chairman's speech. Gold has support at $2240-2224 while resistance is at $2268-2280. Silver has support at $24.90-24.72 while resistance is at $25.28-25.42. In INR terms, gold has support at Rs67,740-67,440, while resistance is at Rs 68,380, 68,620. Silver has support at Rs74,840-74,080, and resistance at Rs75,840, 76,580."

Talking about last week's performance, Mehta said that gold and silver gained last week amid easing inflation concerns in the U.S. and curb in geo-political tensions. The U.S. core PCE price index showed a growth of 0.3% in February month as per expectations and well below the previous month's growth of 0.5%. Personal spending surged by 0.8% against 0.2% in the previous month which supported gold and silver prices. The U.S. proposal for the Gaza ceasefire in the UNSC last week and reducing tensions in the Middle East are also supporting safe-haven demand for precious metals. However, strength in the dollar index and record weakness in the Japanese Yen have been limiting gains of precious metals.

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