Taking inspiration from the international market trend, gold prices in the United Arab Emirates (UAE) registered a slight decline on Monday. Gold prices in the morning trade recorded a level of AED 211.50 (Rs 4,671.54) per gram. In ounces, gold was trading at AED 6,411.49 (Rs 1.41, 950) down from the last recorded level of AED 6,429.94 (Rs 1.42, 358).
The exchange of AED, Emirati Dirham, the currency of UEA, to Indian Rupee was Rs 22.14. It means 1 AED converted to Rs 22.14
While 24 karat gold was selling at AED 211.50, the 22 karat variety of the yellow metal recorded a level of AED 198.75 in cities across the UAE including Dubai. This was after a decline of AED 0.50 from the last recorded trade rates.
Silver prices recorded a level of AED 2,451 (Rs 54,265) per KG on Monday.
Gold prices in the international market registered a slide after touching a 3-month high last week. Yellow closed 1.30% lower in the international market last week. Gold opened lower on Monday as the dollar rose ahead of the US Federal Reserve’s interest rate strategy. The dollar rose slightly on Monday as the US dollar futures index was up 0.35% at 107.200. The US Federal Reserve is expected to announce another interest rate hike to bring inflation under control in the country. However, the hike could be much slower this time around.
On Monday, spot gold fell 0.3% to $1,744.38 an ounce at 02:17 GMT. US gold futures fell 0.5% to $1,746.30.
Amid the fluctuations in the international market, gold prices in the Indian retail market remained rather stable.
The 22-karat gold variety traded at Rs 48,500 for 10 grams while the 24-karat variety traded at Rs 52,920, registering a price level almost similar to yesterday.
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