Gold price in the United Arab Emirates: Prices on 27 June

Gold price in the United Arab Emirates: Prices on 27 June
Gold price in the United Arab Emirates: Prices on 27 June

Gold prices in the United Arab Emirates remained largely unchanged on Thursday, according to data compiled by FXStreet.

Gold prices stood at 271.53 United Arab Emirates dirhams (AED) per gram, largely unchanged from 271.41 AED on Wednesday.

Gold prices remained broadly stable at AED 3,167.11 per tola, down from AED 3,165.65 per tola the previous day.

Unit of measurement Gold price in AED
1 gram 271.53
10 grams 2,715.31
Tola 3,167.11
Troy ounce 8,445.62

FXStreet calculates gold prices in the United Arab Emirates by adjusting international prices (USD/AED) to local currency and units of measurement. Prices are updated daily based on market rates prevailing at the time of publication. Prices are for reference only and local rates may vary slightly.

Frequently asked questions about gold

Gold has played a key role in human history as it has been widely used as a store of value and a medium of exchange. Aside from its luster and use as jewelry, the precious metal is currently widely viewed as a safe haven asset, meaning it is considered a good investment during turbulent times. Gold is also widely viewed as a hedge against inflation and currency devaluation as it is not dependent on any particular issuer or government.

Central banks are the largest holders of gold. In their efforts to support their currencies during turbulent times, central banks tend to diversify their reserves and buy gold to improve the perceived strength of the economy and currency. High gold reserves can be a source of confidence in a country’s ability to pay. According to the World Gold Council, in 2022 central banks added 1,136 tonnes of gold worth around $70 billion to their reserves. This is the highest annual purchase on record. Central banks from emerging markets such as China, India and Turkey are rapidly increasing their gold reserves.

Gold has an inverse correlation with the U.S. dollar and U.S. Treasuries, both of which are important reserves and safe haven assets. When the dollar depreciates, the price of gold tends to rise, allowing investors and central banks to diversify their investments during turbulent times. Gold also has an inverse correlation with risky assets. A stock market recovery tends to weaken the price of gold, while sell-offs in riskier markets tend to favor the precious metal.

The price can change based on a variety of factors. Geopolitical instability or fear of a severe recession can quickly drive up the price of gold due to its safe-haven status. As a non-yielding asset, gold tends to rise when interest rates are lower, while higher money costs usually weigh on the yellow metal. However, most of the moves depend on how the US dollar (USD) behaves, as the asset is priced in dollars (XAU/USD). A strong dollar tends to keep gold prices in check, while a weaker dollar is likely to drive gold prices higher.

(An automation tool was used to create this post.)

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