Baskadia

Latest Gold Prices (October 2024)

As of October 19, 2024, the price of 24K gold stands at AED 320.9 per gram, reflecting an upward trend over the past week. Here’s a breakdown of current rates for other gold categories:

• 22K gold: AED 303.5 per gram
  

• 21K gold: AED 289.8 per gram
  

• 18K gold: AED 248.4 per gram
  

The gold market has seen consistent growth this month, with prices rising from a low of AED 307.6 per gram for 24K gold on October 9, peaking at AED 320.9 by mid-October​

Gold Price World

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UAE Gold Rates

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Key Trends Influencing Gold Prices in the UAE

1. Global Economic Factors: The gold price is heavily influenced by global events. The strengthening of the US dollar and inflation concerns have driven up gold prices as investors seek safer assets. Additionally, geopolitical tensions and economic uncertainty in various regions are causing a surge in demand for gold as a secure investment.
   

2. Local Demand and Tourism: Dubai's reputation as a global gold hub, with places like the Dubai Gold Souk and malls offering tax-free shopping on gold, continues to attract buyers. This constant demand from both tourists and local investors helps keep prices competitive but subject to fluctuation based on international gold rates.
   

3. Exchange Rates and VAT: While the UAE imposes a 5% VAT on gold purchases, the actual price per gram remains relatively lower than in many other countries due to favorable exchange rates and local trading conditions. The Dubai Gold and Commodities Exchange (DGCX) plays a pivotal role in setting transparent pricing​
   

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Gold Price Trends in October 2024

• Mid-Month Surge: In the first two weeks of October, the price of 24K gold started at AED 314.3 per gram and gradually increased, reaching AED 320.9 on October 19. This rise is reflective of increased demand amidst global uncertainty and rising inflation concerns​
  

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  UAE Gold Rates
  

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• Slight Dips: Before this recent rise, there were minor dips, such as on October 9 when 24K gold was priced at AED 307.6 per gram. However, the overall trend has remained bullish as demand continues to increase​
  

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What to Expect Moving Forward

As we move further into Q4 of 2024, experts suggest that gold prices may remain volatile. The ongoing geopolitical tensions, inflationary pressures in major economies, and potential fluctuations in the US dollar will likely influence gold's value. The UAE's robust infrastructure, including platforms like the DGCX, ensures that Dubai remains a central player in the global gold market, making it a key destination for investors looking to buy gold at competitive rates.

Conclusion

Gold prices in the UAE have been steadily rising throughout October 2024, with 24K gold reaching AED 320.9 per gram. Global economic factors, local demand, and Dubai’s strategic position in the gold market contribute to these fluctuations. Whether you're an investor or a shopper, keeping an eye on these trends is essential for making informed decisions about gold purchases.