Dubai gold price eases after record high - More drops ahead?
Dubai: The Dubai Gold Rate has seen the first cooling off in the last 24 hours, at Dh369.75 from Dh372.75 for a gram of 22K. (The 24K too has slipped under Dh400, after breaching that level for the first time yesterday.)
The price drop was not a given. At various points yesterday, gold threatened to reach for higher levels. In between, it would also drop below key levels seen in the last two days.
"At no point yesterday did anyone have a clue as to where the gold price might settle at," said a jewellery retailer. "That so far today it's showing a Dh3 a gram drop should be seen as quite a big positive. We will be hoping that shoppers think that way today..."
What would be a 'comfortable' gold rate at these levels?
It was October last that the Dubai gold price crossed Dh300 for the first time on a 22K gram.
While no one expects gold to 'crash' back to Dh300 levels any time soon, there is a consensus among jewellery retailers that any price of around Dh350 would be seen as accessible by shoppers.
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