Gold prices were practically unchanged in the United Arab Emirates on Friday, according to data collected by FXSTERET.
The price of gold stood at 392.93 Dirhams of the United Arab Emirates (AED) per gram, practically stable compared to the 392.93 AED that cost Thursday.
The price of gold remained practically stable at 4,583.10 AED per Tola from 4,583.10 AED per tola of the previous day.
| Unit of measure | Gold price in AED |
|---|---|
| 1 gram | 392.93 |
| 10 grams | 3,929.34 |
| Tola | 4,583.10 |
| Troy ounce | 12,221.61 |
What moves the market today: the price of gold falls while US yields
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The 10 -year American treasure performance rises five basic points to 4,333%. The real US yet yields followed the same trend, rising five PBs to 2,163%, as shown by the yields of treasure values ​​protected against inflation to 10 years from the US that failed to contain gold prices.
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The initial applications of unemployment subsidy in the US for the week that ended on April 12 were 215,000, coming down from 224,000 and below the 225,000 scheduled, highlighting the continuous strength in the labor market.
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Construction permits increased 1.6% to 1,482 million, exceeding 1.45 million estimates. In contrast, the beginnings of housing construction fell sharply from 1,494 million to 1,324 million, indicating weakness in residential construction.
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In rates markets, monetary market operators have incorporated 86 basic points of Fed fees cuts by the end of 2025, with the first expected cut in July.
FXSTERET calculates gold prices in the United Arab Emirates adapting international prices (USD/Aed) to the local currency and the units of measure. Prices are updated daily according to market rates taken at the time of publication. Prices are only reference and local rates could diverge slightly.
FAQS GOLD
Gold has played a fundamental role in the history of mankind, since it has been widely used as a deposit of value and a half of exchange. At present, apart from its brightness and use for jewelry, precious metal is considered an active refuge, which means that it is considered a good investment in turbulent times. Gold is also considered a coverage against inflation and depreciation of currencies, since it does not depend on any specific issuer or government.
Central banks are the greatest gold holders. In their objective of supporting their currencies in turbulent times, central banks tend to diversify their reserves and buy gold to improve the perception of strength of the economy and currency. High gold reserves can be a source of trust for the solvency of a country. Central banks added 1,136 tons of gold worth 70,000 million to their reservations in 2022, according to data from the World Gold Council. It is the largest annual purchase since there are records. The central banks of emerging economies such as China, India and Türkiye are rapidly increasing their gold reserves.
Gold has a reverse correlation with the US dollar and US Treasury bonds, which are the main reserve and shelter assets. When the dollar depreciates, the price of gold tends to rise, which allows investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rebound in the stock market tends to weaken the price of gold, while mass sales in higher risk markets tend to favor precious metal.
The price of gold can move due to a wide range of factors. Geopolitical instability or fear of a deep recession can cause the price of gold to rise rapidly due to its condition of active refuge. As an asset without yield, the price of gold tends to rise when interest rates lower, while the money increases to the yellow metal. Even so, most movements depend on how the US dollar (USD) behaves, since the asset is quoted in dollars (Xau/USD). A strong dollar tends to keep the price of gold controlled, while a weakest dollar probably thrusts gold prices.
(An automation tool was used to create this publication.)
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
