Gold price in the United Arab Emirates: Prices on May 30

Gold prices in the United Arab Emirates fell on Friday, according to the data collected by FXSTREET.
The price of gold was 388.70 from the United Arab Emirates Dirhams (dirham) per gram, a decrease compared to the cost of 391.77 dirhams on Thursday.
The price of gold decreased to 4533.66 dirhams per tulle from 4569.50 dirhams per tulle the day before.
Unit | The price of gold in a dirham |
---|---|
1 gram | 388.70 |
10 grams | 3,886.96 |
Tire | 4533.66 |
Specify an ounce | 12,090.18 |
Daily market engines in gold: Washing American revenues, the soft US dollar enhances xau/USD
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US Treasury’s revenues decrease after the issuance of US data. The treasury note is dived with 10 years from four basis points (BPS) to 4.30 %. Meanwhile, the United States has followed the real revenues, and four BS decreased by 2.11 %.
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The unemployed demands in the United States increased for the week ending May 24 by 240 thousand, up from 226 thousand a week before and the expectations of 230 thousand exceeded.
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The second estimate of the United States GDP for the first quarter of 2021 by -0.2 % of QOQ contraction came from an initial estimate of -0.3 %.
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The Federal Reserve report was martyred with the uncertainty about the potential impact of definitions on the economy, as officials adopt a position for the patient due to the high risks of high inflation and unemployment.
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Politicians acknowledged some of the risks of stagnation because they noticed that “the committee may face difficult barters if inflation proves that it is more stable while the requirements for growth and employment are weakened.” They added that they were waiting for “the pure economic effects of a set of changes on government policies to become more clear.”
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Data revealed that gold imports to Switzerland from the United States have risen to the highest level since 2012 in April.
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Money markets indicate that traders are happy at 49 basis points to mitigate at the end of the year, following the report of the unemployed demands in the United States, according to the market Prime data.
FXSTREET calculates gold prices in the United Arab Emirates by adapting international prices (USD/AED) with local currency units and measurement. Prices are updated daily based on the market prices that were taken at the time of publication. Prices are only to return to them and local prices can diverge a little.
Common Gold questions
Gold played a major role in human history, as it was widely used as a store for value and exchange. Currently, regardless of its brilliance and use of jewelry, the precious metal is widely seen as a safe asset, which means it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against currency decline because it does not depend on any specific source or government.
Central banks are the largest gold holders. In their goal to support their currencies at troubled times, central banks tend to diversify their reserves and buy gold to improve the powerful power and currency. High gold reserves can be a source of confidence to the dissolved country. Central banks added 1136 tons of gold worth $ 70 billion to their reserves in 2022, according to the data of the Golden Golden Council. This is the highest annual purchase since the start of the records. Central banks of emerging economies such as China, India and Turkey increase their gold reserves.
Gold has a counter -relationship with the US dollar and the United States Treasury, which is one of the main reserves and safe assets. When the dollar decreases, gold tends to rise, allowing investors and central banks to diversify their assets at turbulent times. Gold is inversely associated with the origins of the risk. The assembly in the stock market weakens the price of gold, while sales in the most dangerous markets tend to prefer precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of deep stagnation can escalate the price of gold due to its safe situation. As a lower asset than the return, gold tends to rise with low interest rates, while the high cost of money usually reaches the yellow metal. However, most moves depend on how the US dollar (USD) is behaved as the original is priced in dollars (Xau/USD). The strong dollar tends to maintain the price of gold -controlled gold, while the weakest dollar is likely to increase the price of gold.
(The automation tool was used to create this post.)