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

FXStreet Team FXStreet

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

The price for Gold stood at 533.04 United Arab Emirates Dirhams (AED) per gram, down compared with the AED 535.95 it cost on Friday.

The price for Gold decreased to AED 6,217.33 per tola from AED 6,251.16 per tola on friday.

Unit measure	Gold Price in AED
1 Gram	533.04
10 Grams	5,330.46
Tola	6,217.33
Troy Ounce	16,579.50

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.)

Author

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.

GBP/USD keeps the bull run intact, still below 1.3500

GBP/USD manages to trade with acceptable gains around 1.3480 on Thursday. Conflicting signals from US and Iranian officials over a potential deal have kept markets cautious and capped Cable’s upside, while investors avoid taking sizeable positions ahead of Friday’s crucial US NFP report.

EUR/USD faces some downside pressure around 1.1540

EUR/USD retreats modestly after advancing for two consecutive days, slipping below 1.1550 on Thursday. In the meantime, markets remain cautious over the prospects of a US-Iran peace agreement and the reopening of the Strait of Hormuz, keeping demand for the safe-haven US Dollar intact and preventing spot from regaining momentum.

How Wall Street rigs the game [Video]

In this week’s Live from the Vault, Andrew Maguire is joined by Peter Antico and Sean Stone to discuss the Paradigm of Money - an in-depth expose of financial market corruption, from naked shorting to the two-tier system that protects Wall Street.

XRP Price Forecast: Sell-off persists, bears aim for $1.00 as Ripple eyes on-chain multi-signature upgrade

Ripple (XRP) remains pressured, trading below $1.05 at the time of writing on Thursday. The token has declined for the fourth consecutive day this week, reflecting lethargic sentiment in the broader cryptocurrency market despite the possibility of easing geopolitical tensions in the Middle East.

The Fed is doing the exact opposite of what it should be doing

About the Yen: The WSJ has a front-page story about how the Fed is doing the exact opposite of what it should be doing—lending dollars to Japan to buy yen. “Put simply: America is printing dollars so Japan can buy yen.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.