Dubai Gold Price Lowest in 30 Days
But shoppers in the UAE are still not convinced this would be the right levels to get back in. Instead, many shoppers are casting their eyes to prices seen in March, when there had been days when it was just under Dh340. 'Shoppers have been sitting on the sidelines this week – I don't think even cutting making charges or as some do offering 'no making charges' will bring back demand for now,' said a jewellery retailer. 'The sentiment among shoppers is that the Dubai gold rate can drop even further.'
Several times in the last 12 months, gold prices have dropped – and even given the impression that a proper rate correction is on the cards. All that it did was leave shoppers disappointed because within 24-48 hours, prices would rush back to previous high levels – and go further.
'A realistic price for gold would be in the region of $3,000-$3,100 an ounce,' said a gold wholesaler. 'Right now, the level is around $3,150. This is why there are shoppers thinking they are better off waiting.'
Jewellery retailers such as Kanz Jewel's Anil Dhanak has always maintained that shoppers will find their own reason to buy gold. And that a rush to buy need not happen at the first sight of a fairly sizable price drop.
'Weddings and anniversaries and any other occasion dictates whether a shopper wants to buy now or later,' said Dhanak. 'If there is no pressing reason, they wait.'
If the softer gold price levels continue, shoppers in the UAE can expect a rush of new promotions timed for the pre-summer holiday breaks.
'If these savings can help lower the per gram price by another Dh3-Dh5, then that can help shoppers,' said a retailer.
But right now, shoppers' attention is on whether prices can go down to Dh350 a gram levels…
Also read: Dubai Named World's 4th Smartest City
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Insider
01-07-2025
- Gulf Insider
UAE-India Airfares Drop To 'Unusually Low Levels' After July 8, Say Travel Agents
After a minor price hike to Dh2,500-Dh3,000 in early July (July 2-7), UAE-India airfares are defying seasonal norms by dropping to unusual lows of Dh1,450-Dh1,600 after July 8. The trend, which is rather unusual this time of year, is seeing fare drops to hyper-busy destinations, including Mumbai (Dh1,161), Bengaluru (Dh1,604), and Thiruvananthapuram (Dh1,565). Fares to these cities in July–August 2024 averaged at Dh1,800 (Mumbai) to Dh2,700 (Bengaluru), making it unaffordable for last-minute bookings. 'From now until July 7, onward fares to India are quite high, especially flights to Tier 2 cities. There are no seats available on flights to Kochi and Kozhikode in Kerala. Interestingly, after July 8, the fares have dropped to lows we haven't seen since the summer of 2021-2022,' said Afi Ahmed, Chairman, Smart Travels. According to Ahmed, airfares dropped to these lows for the last time immediately after the pandemic, when air travel confidence was at an all-time low amid COVID-induced travel restrictions. 'Last year, the return airfares from mid-July until August-end had touched highs of Dh3,000. Travel demand was insatiable during the summer months. That doesn't seem to be the case this year,' said Ahmed. A considerable drop in airfares Flights departing from Dubai International Airport (DXB) on July 2 to cities in India have reached highs of Dh 2,105 (Bengaluru) to Dh 2,205 (Thiruvananthapuram). Airfares to smaller Indian cities, including Mangalore, Lucknow, Varanasi, and Kozhikode, which are predominantly serviced by budget carriers, are reaching highs of Dh2,500 to Dh3,000. Even connecting flights to destinations like metro cities like Bengaluru (Dh1,622) and Mumbai (Dh1,248) are considerably high. After July 8, however, fares drop to Dh1,565 to Thiruvananthapuram, Dh1,161 to Mumbai, Dh1,809 to Chennai, and Dh1,163 to New Delhi. Last year, flights to these destinations were touching exorbitant highs of Dh2,800 to Dh3,000 amid surging travel demand. Airfares from Abu Dhabi to Ahmedabad (July 8-31) is priced at an unbelievable low of Dh735. Why is this happening? 'We are seeing a much more manageable increase in airfares to India this July,' said Ahmed. 'While the absolute lowest off-season fares are not currently available, the prices are certainly more attractive than what travellers have had to contend with in the last couple of years,' he said. What are the reasons for this phenomenon? 'Several factors are driving this trend. First, travel confidence has been hit due to the monsoons in Kerala. People are fearing heavy rains and are planning their return end of July instead of the usual August,' he explained. Typically, Indian expatriate families plan their trips back home during the summer, taking advantage of the two-month break from school. 'Nowadays, people are taking their trips back home several times a year instead of just two months,' said Ahmed. Moreover, couples and bachelors usually plan their trips home during off-peak months to take advantage of cheaper airfares. Additionally, an increasing number of Indian expatriates are opting to travel to other holiday destinations during the summer months instead of taking diaspora trips. Sapna Aidasani, Head of Marketing at Pluto Travels, said, 'People are no longer travelling for one to two months at a stretch, but rather for shorter durations of two to ten days. Travellers are now returning sooner.' She said the trend has changed towards shorter trips, typically a week, ten days, or fifteen days. 'On return, they break their holiday again and are opting for destinations closer to the UAE, such as Azerbaijan or Schengen nations (if visa allows). Africa is also gaining popularity. Many residents have adjusted their travel plans and are now considering destinations beyond India,' Sapna added. Shorter trips home Even for trips to India, the duration is often limited to ten to fifteen days, possibly due to the influence of the monsoon season. 'With corporate leaves rarely exceeding twenty days, and employees preferring to break up their travel into two to three trips a year, Dubai residents generally prefer not to stay away from home for extended periods, usually returning by the first week of August. They then plan their subsequent trips during the winter or Diwali, often breaking their summer travel into two shorter holidays,' she said. Increase in flights The moderation in airfare prices can also be attributed to an increase in the number of flights operating between the UAE and India. Several airlines, particularly budget carriers IndiGo and Akasa, have introduced new routes and increased their flight frequencies, particularly from Abu Dhabi, providing more options for passengers and helping to stabilise prices. Travellers are still advised to book their flights as early as possible to secure the best available fares, as prices may fluctuate depending on demand and availability. The current trend, however, suggests a less financially straining summer for those planning to visit India from the UAE. Source Gulf News
Gulf Insider
29-05-2025
- Gulf Insider
UAE Central Bank Orders Halt To Minimum Balance Hike
In a major new development, the Central Bank of the UAE on Tuesday instructed all banks operating in the country to suspend planned increases to the minimum balance requirement for personal accounts, pending a formal review of the policy's impact on consumers. In a circular obtained by Emarat Al Youm, the Central Bank explicitly addressed recent reports indicating that several major banks were preparing to raise the minimum required balance from Dh3,000 to Dh5,000, starting June 1. The move, which would have subjected non-compliant customers to monthly fees of up to Dh105, had already been implemented by at least one leading institution. 'With reference to what has been circulated in the media and social platforms about some banks' intention to raise the minimum balance to Dh5,000, the Central Bank has decided to study the impact of this increase on customers,' the circular read. 'Accordingly, banks are instructed to suspend the increase and refrain from applying it until further notice.' The decision follows Emarat Al Youm's earlier report that several major banks had planned to implement the new Dh5,000 threshold starting June 1, in line with updates to Central Bank regulations. One leading bank had already enacted the change, with others expected to follow suit in the coming weeks. The announcement of the potential increase triggered widespread public criticism, with account holders voicing concern over the financial burden on lower-income residents and small businesses. Under the now-paused policy, customers who failed to maintain a Dh5,000 balance in their current accounts would have been charged a monthly fee of Dh25, unless they met certain exemption criteria. These included transferring a salary of at least Dh15,000 per month, maintaining an aggregate account balance of Dh20,000 or more, or having an active credit card, overdraft, or loan with the bank. Customers with monthly salaries below Dh5,000 and no qualifying banking products would have been automatically charged the fee, with some banks reportedly planning to increase the penalty to Dh 100 or more, depending on the account type.
Gulf Insider
15-05-2025
- Gulf Insider
Dubai Gold Price Lowest in 30 Days
The Dubai gold rate is now at its lowest level in 30 days at Dh352 for a gram of 22K as the metal sheds more of the unprecedented price increases seen in recent weeks. This was helped by another sharp fall in global billion rates today, with the local rate now lower by Dh8.25 over the last 24 hours. But shoppers in the UAE are still not convinced this would be the right levels to get back in. Instead, many shoppers are casting their eyes to prices seen in March, when there had been days when it was just under Dh340. 'Shoppers have been sitting on the sidelines this week – I don't think even cutting making charges or as some do offering 'no making charges' will bring back demand for now,' said a jewellery retailer. 'The sentiment among shoppers is that the Dubai gold rate can drop even further.' Several times in the last 12 months, gold prices have dropped – and even given the impression that a proper rate correction is on the cards. All that it did was leave shoppers disappointed because within 24-48 hours, prices would rush back to previous high levels – and go further. 'A realistic price for gold would be in the region of $3,000-$3,100 an ounce,' said a gold wholesaler. 'Right now, the level is around $3,150. This is why there are shoppers thinking they are better off waiting.' Jewellery retailers such as Kanz Jewel's Anil Dhanak has always maintained that shoppers will find their own reason to buy gold. And that a rush to buy need not happen at the first sight of a fairly sizable price drop. 'Weddings and anniversaries and any other occasion dictates whether a shopper wants to buy now or later,' said Dhanak. 'If there is no pressing reason, they wait.' If the softer gold price levels continue, shoppers in the UAE can expect a rush of new promotions timed for the pre-summer holiday breaks. 'If these savings can help lower the per gram price by another Dh3-Dh5, then that can help shoppers,' said a retailer. But right now, shoppers' attention is on whether prices can go down to Dh350 a gram levels… Also read: Dubai Named World's 4th Smartest City
