Most recent article: United Arab Emirates Gold price today: Gold rises, according to FXStreet data.
Gold prices rose in United Arab Emirates on Thursday, according to data compiled by FXStreet.
The price for Gold stood at 289.35 United Arab Emirates Dirhams (AED) per gram, up compared with the AED 289.02 it cost on Wednesday.
The price for Gold increased to AED 3,374.90 per tola from AED 3,371.12 per tola a day earlier.
| Unit measure | Gold Price in AED |
|---|---|
| 1 Gram | 289.35 |
| 10 Grams | 2,893.48 |
| Tola | 3,374.90 |
| Troy Ounce | 8,999.73 |
FXStreet calculates Gold prices in United Arab Emirates by adapting international prices (USD/AED) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD clings to recovery gains above 0.6500 ahead of RBA decision
AUD/USD is holding its recovery above the 0.6500 psychological mark in the Asian session on Tuesday. A positive turnaround in the equity markets lends some support to the Aussie, though the upside could remain capped of the key RBA decision.
USD/JPY pares gains below 145.00 after Japanese verbal warnings
USD/JPY is paring back recovery gains to trade below 145.00 early Tuesday, losing upside traction after the Japanese Finance Minister's comments. The risk-on impulse, however, undermines demand for the safe-haven JPY, acting as a tailwind for the pair.
Gold consolidates around $2,400 amid a combination of diverging forces
Gold price struggles to capitalize on the previous day's goodish bounce from the 50-day SMA support and oscillates in a narrow band during the Asian session on Tuesday. Geopolitical risks and the prospects for bigger rate cuts from the Fed continue to support the non-yielding XAU/USD.
Sen Warren, Democrats clamp down on election gambling amid Polymarket milestone
Polymarket has seen a surge in trading volume since July as investors' interest in the presidential election speculation has soared. With the hike in election gambling, Democrats moved to enforce a ban on election betting on Monday.
RBA Interest Rate Preview: To hold or not to hold
The Reserve Bank of Australia will announce its monetary policy decision at 04:30 GMT. The central bank is expected to maintain the Official Cash Rate unchanged at 4.35% amid stubbornly high inflation.