Dubai: Ahead of Indian festivals—Diwali and Dhanteras, the gold prices in Dubai, United Arab Emirates (UAE), reached a new record high on Monday morning, October 21.
The Dubai Jewellery Group data showed a 24-carat gold rate trading at Dirham 330.50 (Rs 7,565.14) per gram in the morning of the markets on Monday as compared to its Sunday night, October 20, closing at Dirham 329.50 (Rs 7,542.25) per gram.
22, 21, and 18-carat gold were priced at Dirham 306.00 (Rs 7,004.33) per gram, Dirham 296.25 (Rs 6,781.15), Dirham 254.00 (Rs 5,814.05) respectively, at 9:15 am UAE time.
In global markets, spot gold was trading at Dollars 2,729.16 (Rs 2,29,459.45) per ounce as of 9:17 am UAE time on Monday.
The recent rise in gold prices is driven by various factors, including escalating tensions in the Middle East and the tightening US election race on November 5. In addition— Diwali, Dhanteras, and the wedding season have also heightened the demand for gold.
Dhanteras is considered one of the most auspicious days of the year for buying gold for Indians. It is going to be celebrated on Friday, October 29 and Diwali on Saturday, October 30.
