UAE Gold Prices Hold Steady Amid Global Market Volatility
The price of Gold in United Arab Emirates (UAE) remained largely unchanged on Monday, August 10, according to data from FXStreet. The price per gram stood at AED 512.42, which is nearly identical to the AED 512.76 recorded on Friday.
In terms of tola, Gold also showed stability, trading at AED 5,976.69 compared to AED 5,980.78 on Friday. FXStreet calculates Gold prices in UAE by converting international prices from USD/AED to the local currency and measurement units.
The precious metal's value can fluctuate due to various factors, including geopolitical instability, interest rates, and the performance of the US Dollar (USD). Central banks often add to their Gold reserves during turbulent times as a safe-haven asset. In 2022, central banks acquired 1,136 tonnes of Gold worth around $70 billion, marking the highest yearly purchase since records began.
FXStreet notes that local rates in UAE may diverge slightly from international prices due to market conditions and exchange rate fluctuations.