Gold, Silver Prices In UAE, Dubai Today: In line with the US market trend, the gold price in the UAE, including Dubai, on Thursday (November 17) fell by AED 2.75 (about Rs 61) in the morning day to AED 213.5 (Rs 4,741) per gram. In terms of ounce, gold was trading lower by AED 66.06 (about 1,467.77) to AED 6,473.88 (nearly Rs 1,43,850), while silver was also down at AED 21.16.
AED stands for Emirati Dirham, the currency of UEA. One Emirati Dirham (AED) is currently at Rs 22.22.
According to data from the Dubai Gold and Jewellery Group, 24-karat gold was lower at AED 213.5 per gram in the moring trade today, 22-karat gold was also down at AED 200.5, 21-karat was trading cheaper at AED 191.5, and 18-karat was also following the trend at AED 164.
Silver in the morning trade was also down at AED 2,496 (Rs 55,462.78) per kg in the UAE (including Dubai), compared with the previous close of AED 2,591.72 (Rs 57,592.63).
In the New York-based bullion market (COMEX), the gold prices were trading marginally down at 1,765.7 an ounce, while silver was also trading lower at $21.3 an ounce.
Ravindra Rao, head (commodity research) at Kotak Securities, said, “COMEX gold trades flat for the second straight session as bulls have failed in keeping it above the $1,780/oz (ounce) level. And, $1,780/oz has become an important resistance level. In yesterday’s (Wednesday) session, gold ended near $1776/oz, a fall by 0.06 per cent compared to the previous closing.”
He, however, MCX gold active contract gained by 0.60 per cent amid weak rupee against the US Dollar. Fears of geopolitical escalation have faded after Poland’s president dismissed that missile came from Russia and that it was probably a stray Ukrainian defence projectile.
“Gold is still supported by expectation of a slower pace of rate hikes by Fed in their upcoming meeting amid softening inflation numbers. On the price action front we maintain our view that $1780/oz would act as an immediate resistance. If the bulls succeed in taking out $1780/oz on closing, the rally might extend till $1806/oz which is a strong 252 DMA resistance,” Rao said.
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