Taking a cue from the trend in the international market, gold prices in the United Arab Emirates (UAE) recorded a marginal drop on Monday. The gold prices in the morning day recorded a level of 211.50 AED (Rs 4,671.54) per gram. In ounces, gold traded at 6411.49 AED ( Rs 1,41, 950) down from the last recorded level of 6,429.94 AED (Rs 1,42, 358).
The exchange from AED, Emirati Dirham, the currency of UEA, to the Indian Rupee was Rs 22.14. This means 1 AED converted to Rs 22.14
While 24 carats of gold retailed at 211.50 AED, the 22-carat variety of the yellow metal recorded a level of 198.75 AED in cities of UAE including Dubai. This was after a drop of 0.50 AED from the last recorded trade rates.
The silver prices record a level of 2, 451 AED (Rs 54, 265) per KG on Monday.
Gold prices in the international market have recorded a slip after touching a 3-month last week. The yellow closed with a 1.30 per cent dip in the international market last week. Gold opened to a lower level on Monday as the dollar ticked higher amidst the wait for US Federal Reserve’s interest rates strategy. The Dollar scaled marginally higher on Monday as the US Dollar Index Future was up by 0.35 per cent 107.200. The US Fed Reserve is expected to announce yet another interest hike to tame inflation in the country. However, the hike could be much slower this time around.
On Monday, spot gold fell 0.3 per cent to $1,744.38 per ounce by 0217 GMT. US gold futures shed 0.5 per cent to $1,746.30.
Amidst the fluctuation in the international market, gold prices in the Indian retail market have remained rather stable.
The 22- carat variety of gold traded at Rs 48,500 for 10 grams whereas the 24-carat variety retailed at Rs 52,920, recording almost a similar price level as yesterday.
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