Abu Dhabi: The gold prices in the United Arab Emirates (UAE) have significantly dropped to a new one-year low on the weekend ahead of Dhanteras and Diwali celebrations.
On Friday morning, 22 carat gold was priced at Dirham 184.50 per gram in the UAE, resident shoppers have a Dirham 19.75 advantage over the same Diwali period last year, when it was at Dirham 204.25, Gulf News reported.
Along with price reduction, almost all jewelers in UAE have announced various offers for gold jewelery buyers. Apart from concessions in wages, many jewelers offer gifts including gold coins to those who buy a certain amount of gold.
The Indian festival of Diwali, is one of the busiest periods for buying gold in the UAE, and in the past two years, the price of gold was Dirham 215.50 in 2020 and Dirham 204.25 in 2021 during the period.
Gold prices in India
Gold prices continued to decline on Friday from their all-time high rate of Rs 54,380 per ten grams on April 18 this year. The yellow metal was headed for a straight second weekly loss amid weak global cues and breached the Rs 50,000-mark ahead of Dhanteras and Diwali.
On the Multi Commodity Exchange (MCX), gold futures were trading slightly lower by 0.33 per cent or Rs 163 at Rs 49,980 per 10 grams.
Dhanteras, which marks the first day of Diwali, is considered auspicious to buy gold and silver as part of Hindu festivities. It is going to be celebrated on Sunday this year.
