One of the safest investment options is generally acknowledged to be gold, the precious metal. Gold has become a valuable asset class for investors, in addition to its decorative use in jewelry. The price of gold has increased significantly in the United Arab Emirates (UAE) in recent years.
The inherent value and historical stability of gold make it a desirable investment. In contrast to fiat currencies that are vulnerable to inflation and unstable geopolitical conditions, gold has consistently retained its value over time. Gold is a desirable alternative for investors looking to diversify their portfolios and protect wealth because of its inherent stability.
Gold has a unique cultural significance in the United Arab Emirates. Gold is a ubiquitous element in the nation’s social fabric, appearing in both religious and wedding ceremonies. The UAE’s love of gold is demonstrated by the well-known Gold Souk in Dubai, which provides both residents and visitors with an eye-catching selection of jewelry and bullion.
There are a number of reasons why the gold market in the United Arab Emirates is expanding. First off, the nation’s advantageous position as a hub for international trade makes it easier for gold to move from mining regions to consumer markets. Additionally, foreign traders and investors have been drawn to the UAE’s shores by its strong infrastructure and business-friendly policies.
UAE Gold Rates table for March 12, 2024, in AED:
| Type | Morning | Afternoon | Evening | Yesterday |
|---|---|---|---|---|
| OUNCE | 7,996.93 | 7,993.26 | – | 8,007.94 |
| 24 Carat | 263.75 | 263.75 | – | 264.25 |
| 22 Carat | 244.25 | 244.25 | – | 244.50 |
| 21 Carat | 236.50 | 236.25 | – | 236.75 |
| 18 Carat | 202.75 | 202.50 | – | 203.00 |
Note: The Evening rates for OUNCE and different carats are not available.
Petrol / Diesel Rates (AED/Ltr)
| Type | MAR | FEB | Change |
|---|---|---|---|
| Super 98 | 3.03 | 2.88 | +5.2% |
| Special 95 | 2.92 | 2.76 | +5.8% |
| E Plus 91 | 2.85 | 2.69 | +5.9% |
| Diesel | 3.16 | 2.99 | +5.7% |
UAE Foreign Exchange Rates (AED)
| Currencies | Buy | Sell |
|---|---|---|
| US DOLLAR (USD) | 0.273 | 0.271 |
| EURO (EUR) | 0.254 | 0.244 |
| BRITISH POUND (GBP) | 0.216 | 0.209 |
| JAPANESE YEN (JPY) | 41.672 | 38.757 |
| AUSTRALIAN DOLLAR (AUD) | 0.422 | 0.401 |
| CANADIAN DOLLAR (CAD) | 0.376 | 0.357 |
The need for gold as a safe haven asset has increased as a result of the COVID-19 pandemic. Investors have turned to gold as a hedge against inflation and currency depreciation in the face of economic uncertainty and market volatility. The UAE’s gold traders and investors have benefited from the unprecedented rise in gold prices brought about by this surge in demand.
The UAE’s gold rates have a bright future ahead of them. Gold is expected to stay a popular investment choice for both individuals and institutions as long as the state of the world economy remains unstable. Gold will remain a valuable asset in the UAE’s financial landscape, whether it is used for cultural decoration, portfolio diversification, or wealth preservation.
Notice: The gold prices come from neighborhood jewelers in the city. Variations in rates and prices may occur. OmanGold.shop has done everything possible to guarantee the accuracy of the data supplied.
