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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 about The price of gold in the UAE today, Friday Corresponding to September 27, 2024, according to the Dubai Jewelery Group.
- 24 karat AED 323.25
- Caliber 22 AED 299.50
- Caliber 21 AED 289.75
- 18 karat AED 248.50
Information about carats
The karat unit is used to measure the purity of gold. The higher the karat, the higher the price of gold. 24-karat gold is considered the purest type of gold. It is also known as pure gold, and is sold in different forms, such as coins, bullion, etc.
As for 22-karat gold, it is often used in crafting gold chains, bracelets, and rings, while 18-karat gold is used in crafting 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 affect gold prices across the UAE and influence some of the fundamental aspects behind fluctuations in gold prices.
- Global movement: The global movement of gold prices affects gold prices in the UAE. Since the UAE is the largest supplier of gold in the world, any change in global prices greatly affects gold prices in the local market.
- Jewelry market: With the increasing demand for gold jewelery during the festive and wedding season, the demand for gold jewelery suddenly increases and its availability increases. This creates some imbalance between availability and supply, leading to higher prices.
- Change in interest rates: Interest rates on financial products are closely linked to demand for the bright yellow metal. Gold prices are closely linked to interest rates. As interest rates rise, people are more likely to buy gold, leading to higher prices.
- Inflation: From a financial perspective, gold has a relatively stable position, and this advantage 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 demand for gold during periods of inflation, resulting in a rise in gold prices during inflation. This scenario can be observed all over the world.
