United Arab Emirates Gold price today: Gold rises, according to FXStreet data
Gold prices rose in United Arab Emirates on Wednesday, according to data compiled by FXStreet.
The price for Gold stood at 487.86 United Arab Emirates Dirhams (AED) per gram, up compared with the AED 487.00 it cost on Tuesday.
The price for Gold increased to AED 5,690.33 per tola from AED 5,680.23 per tola a day earlier.
| Unit measure | Gold Price in AED |
|---|---|
| 1 Gram | 487.86 |
| 10 Grams | 4,878.63 |
| Tola | 5,690.33 |
| Troy Ounce | 15,174.38 |
Daily Digest Market Movers: Gold faces some selling pressure as rally cools
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The US government shutdown has entered its fourth week as the Senate on Monday failed for the 11th time to advance a House-passed measure to fund the government and end the ongoing shutdown. The 50-43 vote fell mostly along party lines.
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US President Donald Trump last week threatened a new 100% tariff on China. He softens his stance over the weekend, saying that high tariffs on China are unsustainable and expressing willingness for smoother relations with China.
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Trump late Wednesday predicted an upcoming meeting with his Chinese President Xi Jinping would yield a “good deal” on trade. However, he also conceded that the highly anticipated talks may not happen.
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US Treasury Secretary Scott Bessent is set to meet with his Chinese counterparts to discuss a de-escalation of trade tensions ahead of the U.S.-China trade talks.
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Trump said late Tuesday that he did not want a "wasted meeting" after a plan to have face-to-face talks with his Russian counterpart, Vladimir Putin, about the war in Ukraine was put on hold, per the BBC.
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Traders are currently pricing in nearly a 99% possibility that the US central bank will cut interest rates again next week, followed by another reduction in December, according to the CME FedWatch tool.
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.)
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