UAE Gold Prices Plummet Amid Geopolitical Tensions
Gold prices in the UAE remain under scrutiny on October 1, amid ongoing geopolitical tensions and uncertainty over Iran ceasefire talks. The US-Iran war has investors closely tracking gold rates across major cities in the country.
The 24K, 22K, and 18K gold rates in Dubai, Abu Dhabi, Sharjah, Al Ain, and Ajman have been updated on various jeweller websites. Joyalukkas' website shows AED 500.00 per gram for 24-karat gold, AED 463.00 per gram for 22-karat gold, and AED 380.50 per gram for 18-karat gold.
Malabar Gold & Diamonds also updated their rates on October 1, with AED 463.00 per gram for 22-karat gold and AED 500.00 per gram for 24-karat gold. iGold.ae lists the retail gold rates as follows: 24-karat gold at AED 501.67 per gram, 22-karat gold at AED 464.48 per gram, 21-karat gold at AED 443.35 per gram, and 18-karat gold at AED 380.01 per gram.
According to Prithviraj Kothari, President of India Bullion and Jewellers Association Ltd., 'Gold and silver slid further as traders waited on the US jobs report, with monthly losses of 8.5% and 13.5%. The dollar hit a three-month high on rising Treasury yields, while fresh uncertainty over the Iran ceasefire talks kept inflation worries very much alive.'