Dubai gold price may slip below Dh370 a gram for 22K
The last time 22K gold traded below this level was on July 31 at Dh368.25, following Dh365.25 a day earlier. Since then, rates have held above Dh370 throughout August.
Jewelry retailers said demand has been subdued ahead of the wedding season, as buyers wait for prices to ease.
'We haven't seen much buying for wedding season as yet,' said Rohan Siroya, Director at Siroya Jewellers. 'Some clients are browsing – but it remains to be a wait as they hope for rates to be better.
On global markets, bullion dropped to $3,317 an ounce on Tuesday, down from $3,345 the previous day and nearly $100 lower compared to 30 days ago.
Analysts attribute some of the softening to renewed diplomatic efforts led by the US to end the Russia-Ukraine conflict.
Industry watchers said even a decline toward $2,500–$2,700 an ounce would significantly improve demand, particularly in the UAE, where gold jewelry sales have weakened over the past two to three years due to elevated prices.
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