Dubai’s 24-carat gold price dropped to Rs 64,601 in the Emirate City; why is the yellow metal becoming duller?

As tensions in the Middle East increased and Israel began to consider going to war with the Iranian leadership, gold prices in Dubai dropped. The likelihood that rate cuts from major central banks would be postponed, which might further support the dollar index, soured investors’ moods even while geopolitical turmoil benefits haven assets like gold. In foreign markets, yellow metal loses attraction as dollar values rise.

The price of 22-carat gold decreased by 5.75 to 575 dirhams, the price of 24-carat gold decreased by 6.25 to 625 dirhams, and the price of 18-carat gold decreased by a much larger amount, from 7.75 to 775 dirhams.

On April 13, gold prices under 22 carats were 2,627.50 dirhams, down from 2,685 dirhams in 10 grams earlier. The price of 100 grams of yellow metal in this carat was 26,275 dirhams, down from 26,850 dirhams the day before. Prices for one gram and eight grams were 262.75 dirhams and 2,102 dirhams, respectively, down by 5.75 and 46 dirhams.

In the 24-carat yellow metal casing, the 10-carat price dropped to 2,837.50 dirhams from 2,900 dirhams the day before. Additionally, the price of 100 grams of 24-carat gold dropped to 28,375 dirhams from 29,000 dirhams the day before. The prices of one gram and eight grams of gold were 283.75 dirhams and 2,270 dirhams, respectively, after a 6.25 and 50 dirham decline.

In addition, the price of 18-carat gold dropped dramatically. 10-gram fell 77.50 dirhams to 2,150 dirhams on April 13 compared to 2,227.50 dirhams the day before. In addition, the price of 100 grams of gold was split by an astounding 775 dirhams, going from 22,275 dirhams to 21,500 dirhams the day before. In comparison to the previous day, 1-gram down 7.75 dirhams to 215 dirhams and 8-gram was down 62 dirhams to 1,720 dirhams.

The decline in the price of gold in the UAE’s emirate cities is far more dramatic in Indian rupees:

– The price of 22 carat gold in the UAE’s emirate city is Rs 59,820.03, a whopping Rs 1,309.10 less than it was the day before at Rs 61,129.13 per 10 kilos. Moreover, the price of 100 grams of gold in Indian rupees decreased by Rs 13,090.97 to Rs 5,98,200.30, the price of 8 grams fell by Rs 1,047.28 to Rs 47,856.02, and the price of 1 gram decreased by Rs 130.91 to Rs 5,982 from the day before.

Similarly, 24-carat gold in 10 grams fell sharply from Rs 66,024.01 to Rs 64,601.08 the day before. This carat’s 100 grams saw an astonishing drop of Rs 14,229.31 in a single day, to Rs 6,46,010.79, from Rs 6,60,240.10 the day before. Additionally, on April 13, the price of a 1-gram is down Rs 142.29 to Rs 6,460.11, while the price of an 8-gram is down Rs 1,138.34 to Rs 51,680.86 from the day before.

Israel and Hamas, the government of the Gaza Strip, have been engaged in an all-out conflict for more than six months. Hamas is now probably preparing for fierce fighting on its northern flank with Hezbollah, the armed force of Lebanon, and the Iranian government under Ayatollah Ali Khamenei.

After Iran’s embassy in Syria’s capital, Damascus, was attacked, tensions between Israel, Iran, and its allies grew. Israel has not acknowledged committing the strike, but Khamenei has said that Israel ought to face consequences.

Nonetheless, the US, Israel’s steadfast Western partner, has declared its unwavering support for the nation. US President Joe Biden has cautioned Iran against starting a conflict with Israel, stating that the US would not be able to win, even as he reiterates the US resolve to support Israel. Biden does, however, believe that Iran will strike Israel soon.

Sharp selling occurred in the stock market as stress increased, and bond and dollar yields increased in value. As a result, the shine of gold waned; yet, the yellow metal closed higher for the fourth straight trading week on April 12.