Dubai: Gold prices in Dubai, United Arab Emirates (UAE), rose by Dirham 3 (Rs 69.74) per gram at the opening of the markets on Monday, June 2, ahead of the Eid Al Adha festival.
At 9 am on Monday, 24-carat gold was trading at Dh 399.25 (Rs 9,281.17) per gram, up from Dh 396.25 (Rs 9,211.43) per gram at the close of trading on Sunday, June 1, according to the Dubai Jewellery Group.
Other gold variants saw a price increase:
- 22-carat: Dh 369.75 (Rs 8,593.71) per gram, up from Dh 367.00 per gram
- 21-carat: Dh 354.50 (Rs 8,239.27) per gram, up from Dh 352.00 per gram
- 18-carat: Dh 303.75 (Rs 7,059.75) per gram, up from Dh 301.75 per gram
On May 27, the UAE’s moon-sighting committee announced the sighting of the Dhul-Hijjah crescent. This means the Day of Arafah will fall on Thursday, June 5, and Eid Al Adha will begin on Friday, June 6.
In the UAE, employees in the public and private sectors will have a four-day holiday from Thursday to Sunday, June 8.
Meanwhile, in the international markets, spot gold was trading at USD 3,318.14 (Rs 2,75,477.96) per ounce, reflecting a 0.84 percent increase.
The surge in gold prices comes in response to heightened geopolitical tensions stemming from the ongoing Russia–Ukraine conflict, along with a renewed threat from US President Donald Trump to double tariffs on imported steel and aluminium. These developments have driven investors towards safe-haven assets like gold.
