Dubai Gold Prices Hit New Record High Ahead of Dhanteras and Diwali
Dubai: Gold prices in Dubai, United Arab Emirates (UAE) touched a new high on Monday morning, October 21, ahead of the Indian festivals of Diwali and Dhanteras.
24 carat gold prices traded at Dh330.50 (Rs 7,565.14) per gram in Monday morning markets compared to Sunday night, October 20, data from Dubai Jewelery Group showed. .
22, 21, and 18-carat gold prices were at Dhs 306.00 (Rs 7,004.33), Dhs 296.25 (Rs 6,781.15), and Dhs 254.00 (Rs 5,814.05) per gram, respectively, as of morning UA99.
In global markets, spot gold prices were at $2,729.16 (Rs 2,29,459.45) per ounce as of 9:17 am UAE time on Monday.
The recent rise in gold prices has been driven by a number of factors, including rising tensions in the Middle East and a tightening US election race on November 5. Additionally- Diwali, Dhanteras and wedding season have increased the demand for gold.
Dhanteras is considered one of the most auspicious days for Indians to buy gold. It will be celebrated on Friday 29th October and Diwali on Saturday 30th October.