Dubai Gold Prices Stable as Trading Week Begins
Gold Prices in Dubai: Stability at Trading Week's Start
The opening of the Dubai gold market on the first trading day of the week reflected a calm atmosphere, with prices remaining stable. On global markets, the spot gold price was also stable, settling at $2,623.16 per ounce, representing a 0.04% rise from the previous closing value.
Dubai Gold Prices in Early Trading
At 9 AM local time in Dubai, the price of 24-karat gold remained at 317.5 dirhams per gram, while 22-karat gold stabilized at 294 dirhams per gram.
Other categories of gold also remained unchanged:
21-karat gold: 284.5 dirhams per gram
18-karat gold: 244 dirhams per gram
Stable prices can reassure investors and buyers who view gold as a safe haven and an investment asset.
Why is the Gold Price Stable?
Gold prices worldwide are influenced by numerous factors, including:
1. Macroeconomic factors: The exchange rate of the US dollar, inflation expectations, and central bank policies all significantly impact gold demand and prices.
2. Trading volume: At the beginning of the week, lower activity is often observed, as markets are in search of direction.
3. Geopolitical uncertainty: Gold is traditionally a safe-haven asset, so price stability indicates that the global market situation is currently balanced.
Dubai as a Hub for Gold Trading
Dubai's globally renowned gold market, especially the Gold Souk, is one of the most popular places to purchase and invest in gold. The emirate makes gold trading attractive:
Low tax rates: The VAT on gold in the United Arab Emirates is only 5%, which is significantly lower compared to many other regions worldwide.
High quality and wide selection: Dubai's markets offer buyers excellent quality gold jewelry and bars.
What to Watch Out for in the Gold Market?
If you are buying gold or planning an investment, it is important to monitor the current market situation. Daily fluctuations in exchange rates offer buyers an opportunity to acquire gold at optimal prices. Additionally, it is wise to be aware of the price differences and purity levels between different karats.
Dubai's current stable prices provide an ideal opportunity for both locals and tourists to acquire gold as both an investment and an aesthetic value.
Future Prospects
The price of gold in the coming days may vary depending on the movement of the US dollar, global economic news, and the local supply-demand relationship. However, such stable opening prices can be a positive indication that gold will remain attractive to both investors and jewelry buyers.
Thus, Dubai's gold market continues to be one of the most important centers of global gold trading, standing out not only for its stability but its quality as well.
