Gold prices in Dubai shoot up: Find rates here

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The gold prices at the opening of the markets in the United Arab Emirates (UAE) on Thursday, May 2, rose by Dirham 2 (Rs 45.45) per gram.

The Dubai Jewellery Group data showed a 24-carat gold rate trading at Dirham 280.75 (Rs 6,380.11) per gram in the morning of the markets on Thursday as compared to its Wednesday night, May 1, closing at Dirham 278.75 (Rs 6,334.86) per gram.

22, 21, and 18-carat gold were priced at Dirham 260.0 (Rs 5,908.73) per gram, Dirham 251.75 (Rs 5,721.24), Dirham 215.75 (Rs 4,903.14) respectively, at 9:15 am UAE time.

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Globally, spot gold was trading at Dollars 2,315.53 (Rs 1,93,273.47) per ounce as of 9:17 am UAE time.

On Wednesday, the Federal Reserve maintained interest rates steady during its latest policy meeting, with Fed Chair Jerome Powell stating future rate adjustments would be data-dependent, but an increase was unlikely, Associated Press reported.

Powell’s assurance of no further rate hikes reassured traders, leading to a gold price resurgence, surpassing the Dollars 2,300 mark in early trading.

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