The Dubai market’s opening saw a drop in gold prices.
- Dubai saw a drop in 24k Gold price to DH2462 (10 grams) from Wednesday’s price of DH2465 (10 grams).
- Gold can be purchased in a variety of ways depending on its purity, 24k, 22k, 18k, 14k and 10k which are measurements of the purity.
- The price is set by LBMA) London Bullion Market Association everyday twice a day, once at 10:30 GMT and the other at 3 PM GMT.
On Thursday when the markets opened, gold prices dropped in price compared to last week, 24K gold trading saw a price mark of DH246.25 per gram compared to Wednesday pre-market-closure price of DH246.5.
While the other variants saw prices as follows:
- 22k DH228.0
- 21k DH220.50
- 18k DH189.0
- Spot DH7,465.36
Gold prices have seen a volatile pattern since the start of 2024 with an all-year high price of DH247.8 per gram on January 15th and this year’s all time low very shortly after on January 17th with one gram costing AD242.3.
Dubai, nicknamed as the city of gold, is known for its production with The price in it being relatively cheaper than other regions.
The price is set by the London Bullion Market Association twice a day, once at 10:30 AM and the other at 3 PM GMT.
The price is also determined by its purity and the value of pure gold in the current market based on its supply and demand.
- 24k is pure gold, having a purity of 99,9%, making it the most expensive variant.
- 22k has a purity of 91.70%, it’s the second purest variant.
- 18k has a purity of 75%, it has a big market in Europe and South America.
- 14k has a purity of 58,30%, this type of gold has demand due to its lower price point especially in the USA.
- 10k has a purity of 41.70%, it has seen some demand in the UK.
