Home UAE Dubai Gold rates in UAE: Dhanteras purchase impacts price of bullion Purchase of the yellow metal, in its various forms, is considered a symbol of prosperity and wealth during the festive period by Gulf Business November 10, 2023 Image credit: Getty Images In the run up to the Indian festival of Diwali, gold rates are seeing a spike in prices. Indians all over the world celebrate Diwali over a number of days beginning with the occasion of Dhanteras, which is being marked on Friday, November 10 this year. Indians celebrate the day with the purchase of gold jewellery and often receive bonuses and special gifts, such as gold coins and gold bars on this day. Why do Indians purchase gold on Dhanteras? A predominantly Hindu festival, buying jewellery during the festival of Diwali has cultural and financial significance for Indians. India is the world’s second-largest gold consumer and demand usually strengthens towards the festive seasons, according to the World Gold Council. The word Dhanteras is derived from two words ‘Dhan’ and ‘Teras’. Dhan connotes wealth, and Teras means the thirteenth day. This year Dhanteras falls on November 10. The festival will be followed by Chhoti Diwali on November 11, and Diwali, the main festival, on November 12. Purchase of the yellow metal, in its various forms, is considered a symbol of prosperity and wealth during these days. This is also considered a rewarding investment in the long run, especially for women who use their annual purchase as a safe investment instrument. Gold has historically performed well as an asset over the past couple of decades. As per a report in The Times of India, it has provided CAGR returns of more than 11 per cent over the past five, 10, and 20 year periods. Bullion purchase by market traders is also used as a hedge against factors such as inflation and currency depreciation. Gold rates The price of 24 carat gold is up 0.42 per cent in the UAE and is trading at Dhs237.25 per gram. The current price of 10 grams of 24kt gold in Dubai is Dhs2,372.50. The price of 22 carat gold is similarly up by 0.34 per cent and is trading at Dhs219.50 per gram. The current price of 10 grams of 22kt gold in Dubai is Dhs 2,195. The prices have been sourced from Goldrate.com. Also read: Israel-Palestine crisis: Gold soars as investors bolt for safety