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Gold prices are rising in Dubai and India due to expectations of a US Fed rate cut in December and strong spot demand. In Dubai, 24-carat gold trades at Dh500.25, while in India it is ₹12,846 per gram. MCX gold and silver futures also saw gains.
24-Carat Gold Hits Higher Rates in Dubai, India
New Delhi: Gold prices in Dubai saw a slight increase today. 24-carat gold was trading at Dh500.25. Market experts say expectations of an interest rate cut by the US Federal Reserve in December strengthened global sentiment, keeping gold prices in Dubai near recent highs.
The price of 24-carat gold in Dubai today is Rs 121,954 per 10 grams, an increase of Rs 61 from yesterday. The price of 22-carat gold is Rs 112,938 per 10 grams, and the price of 18-carat gold is Rs 92,836 per 10 grams. According to experts, the rise in gold prices in the global market and the strengthening of the dollar are contributing to the rise in gold prices.
Gold prices rise across India; 24-carat rates touch Rs 1.27 lakh as global market holds firm
Gold prices in India also saw an increase today. 24-carat gold is trading at ₹12,846 per gram, up ₹71 from yesterday. 22-carat gold is trading at ₹11,775 per gram, and 18-carat (999 gold) is trading at ₹9,634 per gram, up ₹65 and ₹53, respectively, from yesterday.
Both gold and silver prices rose in the domestic futures market on Friday morning, driven by strong spot demand and expectations of a rate cut by the US Federal Reserve. MCX Gold December futures were trading 0.39% higher at ₹1,25,999 per 10 grams at 9:05 am. MCX Silver December contracts were up 0.85% at ₹1,63,849 per kg.
Gold Prices Surge in Delhi: Check Gold Rate Trends for November
Experts say that a potential rate cut by the US Federal Reserve in December is a positive sign for gold. Additionally, rising global demand and investors' desire for security are also driving gold prices upward. Investors are advised to make their investment decisions carefully and monitor the latest market conditions.
Gold prices have continued to rise slightly in both Dubai and India. The increase in 24-carat gold prices is particularly significant for investors and jewelers. According to experts, gold prices may continue to fluctuate in the coming weeks.
