Dubai: When the markets opened on Monday, gold prices dropped globally, but not by much.
Prices for the precious metal have stayed steadily high over the month, even touching six-year highs over the first two weeks of August. However, a strong dollar and a recovery in equities markets in the global market means prices have seen a slight dip on Monday morning.
Prices today, should you buy?
Today, one gram of 24K gold would put you back by Dh182.75 while jewellery chains in the UAE will charge you a rate of Dh171.75 per gram for 22K gold (as of 9am on Monday). Over the weekend the prices per gram were Dh 172.25 for 22K gold and Dh183.25 for 24K gold.
We update our gold price rates three times daily to ensure you’re kept abreast of changes during the day. Bookmark our gold and forex page to get the latest and most accurate information before you head out to buy/sell gold or send money home.
Your decision to buy gold, however, should also be based on historical data and the price trends. Our 10-day price graph can help you determine how prices have fluctuated, in this case since August 9, in the UAE.
Predictions ahead of Diwali
In India, amid global growth concerns and heightened trade tensions, gold prices might cross the Rs 40,000 per 10 grams [Dh2,065.02] mark by Diwali, analysts have said. Diwali, the Hindu festival of lights celebrated in India, is considered an auspicious time by many household consumers to buy gold. This is also a time when gold jewellery outlets and brands promote special offers and prizes, here in the UAE as well. Diwali is expected to fall on October 27 this year, with festivities from October 25 to 29.
“Demand for the precious metal may slow down slightly owing to some easing in trade tension between US and China, but over the trend is negative. We see gold prices around Rs 39,000 to 40,000 per 10 gram by Diwali, “ said Anuj Gupta of Angel Brooking.
Gupta explained that the gold prices were surging primarily owing to the decline in global growth rate.
- With inputs from Reuters, IANS