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Gold prices in the UAE vary from day to day according to trading prices. They often witness a slight increase or decrease, but on some days, these prices witness a greater change due to many reasons. The following table shows the latest update on Gold price in UAE today Friday Corresponding to September 20, 2024, according to the Dubai Jewellery Group.
- 24 carat AED 314.00
- 22 caliber AED 290.75
- 21 carat AED 281.50
- 18 carat AED 241.25
Information about carat
The carat unit is used to measure the purity of gold. The higher the carat, the higher the price of gold. 24-carat gold is considered the purest type of gold, and is also known as pure gold. It is sold in different forms, such as coins, ingots, and others.
22 karat gold is often used in making gold chains, bracelets and rings, while 18 karat gold is used in making rings studded with diamonds and other precious stones, which play a major role in determining gold prices.
Factors affecting gold prices in the UAE
There are multiple factors that influence gold prices across the UAE and influence some of the fundamental aspects behind the fluctuations in gold prices.
- Global MovementThe global movement of gold prices affects the gold prices in the UAE. Since the UAE is the largest supplier of gold in the world, any change in global prices greatly affects the gold prices in the local market.
- Jewelry MarketWith the demand for gold jewellery increasing during the festive and wedding season, the demand for gold jewellery increases suddenly and its availability increases. This creates some imbalance between the availability and supply, leading to higher prices.
- change in interest rates: Interest rates on financial products are closely linked to the demand for the shiny yellow metal. Gold prices are closely linked to interest rates. As interest rates rise, people are more likely to buy gold, which leads to higher prices.
- InflationFrom a financial perspective, gold has a relatively stable position, and this feature has given it the ability to hedge against inflation. For this reason, many investors think of gold as an investment rather than a currency. This helps increase the demand for gold during periods of inflation, resulting in higher gold prices during inflation. This scenario can be observed all over the world.
