United Arab Emirates Gold price today: Gold falls, according to FXStreet data

FXStreet Team FXStreet

Gold prices fell in United Arab Emirates on Thursday, according to data compiled by FXStreet.

The price for Gold stood at 417.04 United Arab Emirates Dirhams (AED) per gram, down compared with the AED 420.30 it cost on Wednesday.

The price for Gold decreased to AED 4,864.28 per tola from AED 4,902.24 per tola a day earlier.

Unit measure	Gold Price in AED
1 Gram	417.04
10 Grams	4,170.42
Tola	4,864.28
Troy Ounce	12,971.43

Daily Digest Market Movers: Gold is undermined by a sense of calm in the markets and modest USD strength

Demand for traditional safe-haven assets recedes amid signs of stability in the fixed-income and equity markets, which is seen undermining the Gold price on Thursday. Furthermore, a modest US Dollar (USD) uptick drags the commodity away from the record high amid overbought conditions on short-term charts, following the relentless rally over the past two weeks or so.

Any meaningful USD appreciation, however, seems elusive in the wake of expectations that the US Federal Reserve will resume its rate-cutting cycle this month. The bets were reaffirmed by Wednesday's US JOLTS report, showing that the number of job openings stood at 7.18 million in July compared to the previous month's downwardly revised reading of 7.35 million.

On the trade-related front, US President Trump on Tuesday said his administration would seek an immediate hearing from the Supreme Court in hopes of overturning a federal appeals court's ruling deeming most of his tariffs illegal. This adds a layer of uncertainty in the markets, which could offer some support to the XAU/USD pair and help limit any meaningful decline.

Traders now look forward to Thursday's US economic docket – featuring the ADP report on private-sector employment, the usual Weekly Initial Jobless Claims, and ISM Services PMI. The market focus, however, will remain glued to the release of the official monthly employment details – popularly known as the Nonfarm Payrolls (NFP) report for August on Friday.

The crucial data will play a key role in influencing market expectations about the Fed's rate-cut path, which, in turn, will drive the USD demand in the near term and provide a fresh directional impetus to the commodity. In the meantime, the supportive fundamental backdrop backs the case for the emergence of some dip-buying and warrants caution for the XAU/USD bears.

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

Why do people invest in Gold?

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.

Who buys the most Gold?

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.

How is Gold correlated with other assets?

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.

What does the price of Gold depend on?

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.)

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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