Gold prices in Dubai’s Souk Market saw a substantial rise on September 12, 2024, especially for 22K gold, which increased by Rs 2,287 per 100 grams. The prices of 24K and 18K gold also witnessed jumps of Rs 1,715 and Rs 1,365 per 100 grams, respectively. These changes reflect broader trends in the global market, driven by the impact of the U.S. Federal Reserve and the European Central Bank’s monetary policies.
The anticipation of fewer interest rate hikes has led to fluctuations in gold demand, as gold is often viewed as a safe-haven investment during economic uncertainty. The strength of the U.S. dollar has also played a significant role in shaping the market, with investors closely watching its performance relative to other currencies. Gold tends to become more attractive when the dollar weakens, leading to higher prices.
Also Read: Gold Prices Rise as US Inflation Report Looms: Expert Insights 2024
In Dubai, the Souk Market is one of the most prominent hubs for buying gold, making it a critical location for price changes. The rising prices of 22K and 24K gold have drawn attention from both consumers and investors. The difference in price movements between gold purities highlights the varying demand for each type. While GoodReturns is often used for jewelry, 24K is sought after for its higher purity, and 18K offers a more affordable option.
These price fluctuations underscore the ongoing volatility in the gold market, influenced by both local and international factors. Investors in the gold market will be closely monitoring upcoming economic data and central bank policies to anticipate future price movements.
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