Gold Rate in Abu Dhabi Today
|Type||Gold Rate per Gram (in AED)|
Disclaimer: The gold rates are subject to changes almost daily globally including in the UAE.
United Arab Emirates is the hub spot of gold trading in the whole world and it is indeed the most valuable destination for any gold investors looking to maximize their profits. Just like other emirates such as Dubai and Sharjah, Abu Dhabi is also home to traders of gold jewelry and coin, bullion dealers, gold refineries, etc.
Many people consider buying gold from Abu Dhabi and other emirates due to their low-tax environment and the presence of a large number of gold dealers selling the purest gold at a low profit margin. Thus, one can find the cheap gold rate in Abu Dhabi as well as other Emirates when compared to other countries.
The first and foremost step to invest in precious metal is to find out if the gold price in Abu Dhabi is in your favor or not. Just like any other part of the world, the gold rate in Abu Dhabi is majorly affected by several factors. As a result, it keeps on changing almost every day.
COVID-19: Impact on Gold Rate in Abu Dhabi
The entire world is fighting against the novel coronavirus that has affected millions of people all around the globe. Most of the countries have declared a lockdown in order to prevent the spread of coronavirus disease. This lockdown has put a temporary pause to almost all of the economic activities thereby affecting economies as well as common people. Due to increased economic crises and led to a crash in worldwide stock markets, gold rates in Abu Dhabi has increased significantly. They are at 7 year highs and are set to go ever higher in the coming months considering the current economic situation of the UAE and the whole world.
The present gold rates in Abu Dhabi are even higher since they jumped from around AED 175.10 per gram to approximately AED 207.75 per gram within a very short span of time.
Although the physical demand for the yellow metal has dropped to its worst level during the coronavirus pandemic nationwide lockdown, the rate of gold has seen a significant surge in the last few months. Demand is majored through various factors which include buyer confidence, expectation of discretionary spending powers, and also expectations of future income levels. And all of these factors are badly hit hard by the coronavirus pandemic. As uncertainties continue to appear over worldwide economic growth in the mid of series of event from the beginning of this year, industry experts expected the gold rate in Abu Dhabi can go much higher in the next few months.
How is the Gold Price in Abu Dhabi Affected by Changes in the US Dollar?
Internationally, the rate of gold is noted in US dollars (USD). The gold rate tends to show an inverse relationship with the US dollar. Meaning that when the US dollar strengthens, the gold rate in Abu Dhabi fall and whenever the US dollar weakens, the rate of gold rise.