Gold prices in Dubai, UAE, increased by Dirham 3 per gram at the opening of the markets on Monday, June 2, ahead of the Eid Al Adha festival. At 9 am on Monday, Dh 399.25 was the price of 24-carat gold per gram which is higher than Dh 396.25 at the close of trading on June 1, as per the Dubai Jewellery Group.
Other gold variants also saw a price increase:
22-carat: The price of 22-carat gold rose from Dh 367.00 to Dh 369.75 per gram
21-carat: The price of 21-carat rose to Dh 354.50 per gram, previously it was Dh 352.00 per gram
18-carat: Dh 303.75 per gram which is a 0.75 percent rise from Dh 301.75 per gram
Also Read: Emirates Delights Passengers with Free Ice Cream at Dubai International Airport for Eid
A crescent of the Islamic month Dhul-Hijjah was observed on the evening of May 27 by the UAE’s moon-sighting group. Therefore, the Day of Arafah will occur on Thursday, June 5 and the start of Eid Al Adha is Thursday night, June 6. Public and private employees in the UAE will be given a long weekend from Thursday to Sunday, June 8.
Gold prices have gone up due to more serious tensions between Russia and Ukraine as well as the renewed threat from Trump to boost tariffs on imported steel and aluminium. Because of these changes, people are now seeking safe-haven assets, including gold.