Gold Prices In Dubai Shines, 18-Carat Sees Massive Jump: How Much Yellow Metal Costs In Indian Rupee
Gold prices globally are trading volatile as expectations of hawkish remarks by the US Federal Reserve in its upcoming meeting have cautioned investors’ sentiment.
But that was not the case with gold prices in Dubai which attracted buyers. At retail stores of the emirate city, gold prices in Dubai rose across 22-carats, 18-carats and 24-carats.
Gold Prices In Dubai, March 19, 2024:
In 22-carat, yellow metal is up by 0.50 dirhams to 50 dirhams. 10-gram is priced at 2,422.50 on March 19, while 100-gram is available at 24,225 dirhams. Further, 1-gram and 8-gram are available at 242.25 dirhams and 1,938 dirhams respectively.
Under 24-carat, the price of pristine metals is up by 0.25 dirhams to 25 dirhams. On Tuesday, 10-gram is at 2,615 dirhams, 100-gram at 26,150 dirhams, 8-gram at 2,092 dirhams, and 1-gram is at 261.50 dirhams.
Further, under 18-carat, prices surged at a much higher scale by 3.20 dirhams to 320 dirhams. 10-gram is priced at 2,010, 100-gram is available at 20,100 dirhams, 8-gram at 1,608 dirhams, and 1-gram is available at 201 dirhams.
In Indian rupees, 22-carat gold has risen by Rs 11.30 to Rs 1,129.71 in Dubai. 10-gram price jumped by Rs 112.97 to Rs 54,734.45 compared to the previous day.
Meanwhile, in rupee, 24-carat gold has surged by Rs 5.65 to Rs 564.95 across grams. Gold in 10 grams in this carat is available at Rs 59,083.83, up by Rs 56.49 from the previous day.
Moreover, in India, gold prices in 22-carat rose by Rs 42 to Rs 4,200. 24-carat climbed by Rs 46 to Rs 4,600. On Tuesday, 22-carat and 24-carat of 10 grams are at Rs 60,800 and Rs 66,330 respectively.
Jateen Trivedi, VP Research Analyst, LKP Securities earlier said, “Market attention now turns to the Federal Reserve’s policy statement scheduled for Wednesday evening. While no interest rate cuts are anticipated, investors will closely scrutinize the statement for clues regarding potential rate cuts later in 2024.”
US inflation came in at 3.2% in February 2024, higher than the previous month and also above the street’s expectations. High inflation could result in the Fed keeping interest rates at multi-year, which in return would increase the appetite for bonds and the dollar, but also weigh on non-yielding assets like gold and silver.
When dollar rises, the demand for yellow metal takes a setback as the bullion becomes more expensive for overseas forex holders.
The benchmark interest rate in the United States was last recorded at 5.50 percent. Interest Rate in the United States is expected to be 5.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations
. In the long-term, the United States Fed Funds Interest Rate is projected to trend around 3.75 percent in 2025, according to our econometric models.
Pooja Jaiswar Goodreturns
source: goodreturns.in
