Good news.. The price of gold in the UAE has decreased today, and 187 dirhams per gram.. You know now

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The price of gold in the UAE is a topic that preoccupies many, especially investors and individuals who want to buy gold.

The United Arab Emirates is one of the most important trading destinations for gold in the world, as it has a popular market in this field and enjoys a prominent position in the world of gold trade.

Gold prices in the United Arab Emirates during today’s trading, according to the latest price update on the global stock exchange and local markets.

The price of gold in the UAE today, and 18 karat, is 187 dirhams per gram

The gold price in the UAE today, in detail, is as follows:

The price of 24 karat gold recorded about 249 dirhams, which represents remarkable stability in the price compared to the previous days.

The price of 22 karat gold reached about 228 dirhams, which is a suitable price for those who want to buy gold at relatively low prices.

The price of 21 karat gold recorded about 218 dirhams, which is a suitable price for those who want to get high quality gold for a reasonable price.

The price of 18 karat gold reached about 187 dirhams, which is a relatively low price and suitable for those who want to buy gold at reduced prices.

The price of the gold pound recorded about 1748 dirhams, which is a price considered suitable for investors.

History of the gold trade in the Emirates

Trade in gold and precious metals is one of the important commercial activities in the United Arab Emirates, and gold trade is one of the main commercial activities that support the economy in the Emirates, as it contributes significantly to achieving economic growth and providing job opportunities.

The beginnings of the gold trade in the Emirates go back to ancient times, and the Emirates was considered a center for the gold trade in the region. With the development of times, the gold trade in the Emirates witnessed a major transformation, and logistical operations, technology and commercial practices were developed.

Types of gold and its uses

There are several types of gold in the Emirates, the most famous of which are yellow gold, white gold, and rose gold. Gold is used in many fields in the Emirates, including the manufacture of jewelry, medical instruments, and technology.

Analysis of the gold trade market in the UAE

Gold trade occupies a great place in the UAE economy, as the value of gold trade in the UAE amounted to approximately 104 billion dirhams during the first six months of 2020, and thus accounted for 16% of the total value of the country’s non-oil trade during the same monitoring period.

The UAE is one of the most important destinations for the gold trade in the world, as it imports large quantities of gold from the world and exports large quantities as well.

In addition to foreign exchange reserves, gold is an important reserve asset for the UAE, and the UAE Central Bank’s maintenance of high levels of gold is an essential part of the policy of preserving financial reserves and ensuring economic stability.

The total value of the gold reserves of the Emirates Central Bank increased during 2022 by 35%, reaching 16.045 billion dirhams at the end of last December, compared to a value of 11.9 billion dirhams at the end of December 2021, and this reflects the UAE’s commitment to strengthening its gold reserves in light of the current economic conditions.

Gold assets are among the safest and most reliable reserve assets in the world, because they are not affected by economic and political fluctuations, and retain their value in the long run. Gold allows the United Arab Emirates to maintain a high level of monetary reserves and enhance the stability of the economy.

In addition, the total international reserves of the UAE Central Bank increased by about 11 billion dirhams during the year 2022 to reach 477 billion dirhams by the end of the year, compared to a value of 466 billion dirhams at the end of the previous year, and this indicates that the UAE is able to strengthen its financial reserves and ensure stability The economy in light of the economic challenges.

Global gold prices in light of the faltering talks to raise the US debt ceiling and the slowing economy

Gold is considered a safe haven in times of turmoil in the financial markets. It is certain that gold investors are constantly following the fluctuations in the global prices of gold. Gold prices rose today, Monday, after talks to raise the US debt ceiling stalled and fears of an economic slowdown.

We follow up with you gold prices on the stock exchange, and the reason for its rise today, in addition to the impact of economic indicators on gold prices.

Global gold prices on the stock exchange

Gold prices rose today by 0.1% in spot transactions, to reach $2013.79 an ounce, after declining for three sessions. And the price of US gold futures contracts decreased by 0.1% to 2018.20 dollars an ounce, due to the stalled talks to raise the US debt ceiling and fears of a slowdown in the global economy.

The impact of economic indicators on gold prices

US consumer sentiment fell to its lowest level in six months, due to fears of an economic recession, caused by the political dispute related to raising the federal government’s debt ceiling, these concerns make investors turn to buy safe havens.

The return of political concerns affects the sentiment of American consumers and pushes the price of gold lower, as the latest data indicates that the morale of American consumers fell to its lowest level in the past six months during the month of May, due to fears associated with a possible economic recession resulting from the political differences over raising the ceiling Federal government debt.

This decline in the sentiment of American consumers comes in light of the escalation of economic concerns resulting from sharp political differences, which directly affect the prices of basic commodities and products.

In this context, the price of gold witnessed a remarkable decline, with the rise of the dollar index to its highest level in five weeks against the major currencies, which increased the cost of buying gold for holders of other currencies.

In addition, silver prices recorded an increase of 0.4% in spot transactions, to reach $24.01 an ounce, while the price of platinum increased by 0.3%, to reach $1052.44 an ounce.

On a related note, the price of palladium rose by 0.6% to reach $1518.06 an ounce, amid expectations of more stability in the global currency markets.

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