Latest news with #AnilDhanak
Gulf Insider
15-05-2025
- Business
- 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
Gulf News
24-04-2025
- Business
- Gulf News
Dubai gold price surprises shoppers with near Dh7 jump after 3 days of drops
Dubai: The Dubai gold rate has gained a near Dh7 a gram early today, which will come as a complete jolt to shoppers in the UAE who had been hoping for a third straight day of price softening. The local gold price for a gram of 22K is Dh374.75, while for the 24K version, it's back to over Dh400. (The 24K gram is now at Dh404.65.) Shoppers and gold sellers were hoping to see the Dubai gold rate drop further to around Dh360 for a 22K today as global markets returned to positive territory and there was less hard talk over US tariffs and removing the Federal Reserve Chairman. Between now and May 1 is a crucial period for gold shoppers given that the Indian festival of 'Akshaya Trithiya' falls on April 30. (This along with another Indian festive buying period on 'Dhanteras' and Diwali later in the year represent some of the highest volume sales phase for gold in the UAE, outside of promotions during Dubai Shopping Festival, Dubai Summer Surprises, etc.) Shoppers shouldn't lose heart, gold retailers say, saying there is still time for prices to soften. 'These days, the way gold is moving, anything can change in 24 hours,' said an FX analyst. 'Even within 24 hours.' Correction – but not a crash What shoppers should not be expecting to see is a downright 'crash' in gold prices. 'If in any of these days, gold closes below $3,280 an ounce, that's a crash,' said Anil Dhanak, Managing Director at Kanz Jewels. 'Until then, it's all more of a price correction.' Now, it's interesting that bullion prices did drop to around $3,260 an ounce levels for a brief while in these last few hours before powering up to trade at $3,336 now. That means more of a correction. Earlier this week, the 22K Dubai gold rate was at its highest point of Dh388 as gold prices pummeled its way through to $3,500 an ounce. (And looked good for some more climbs...) Then a lot happened in the US over the week to cool markets down, and gold prices dropped as well. Book or not? The other big question for gold buyers is whether it makes sense to book and lock in prices for Akshaya Trithiya or not. (Booking ensures that they benefit from any price drops between then and the day of booking. If prices shoot higher, then they can still buy at the pre-booked rate. The only condition is the buying must be done in 30 days or so.) "I would say any price around Dh360 a gram would have been good to book," said a shopper, who plans to pick up a couple of gold bars whatever the Dubai gold rate is on April 30. Meanwhile, new jewellery stores keep opening in the UAE, because at the end of the day, resident shoppers and visitors are not going to shed their preference for the yellow metal - or for diamonds. The Indian jewellery retailer Arakkal Gold and Diamonds opened its biggest showroom in Sharjah, at the Safari Mall. Not just that, brought out 500 kilos in new gold designs.
Gulf News
21-04-2025
- Business
- Gulf News
Dubai gold price instantly hits new record after Dh17.75 gain in 7 days
Dubai: The Dubai gold rate has surged to another high as soon as the week started, with a gram of 22K at an eye-watering Dh375.25 a gram. That for a gram of 24K is now at Dh405.25. What all of this means is that in just one week the Dubai gold rate is higher by Dh17.75 per gram. Again, these are changes never seen before. There is also no sign of the relative cooling off in local prices seen Thursday last, when the 22K Dubai gold rate was Dh.369.75. 'I was hoping the Dubai gold rate would start this week lower because of the peace talks over Ukraine,' said Anil Dhanak, Managing Director of Kanz Jewels. 'I am still hopeful that at the first signs of some progress on a ceasefire, gold prices will slide.' But will it? In within touching distance of $3,400 Analysts say gold has got a good chance of making a clean break for the next level - $3,400 an ounce. It's trading now at $3,383, having crossed $3,000 mid-March and went past $3,200 and $3,300 this month. According to forecasts by Kuwait-based Kamco Invest, a price above $3,357 'would call for another leg up towards $3,400 before $3,425'. "On the other side, a fall below the first defense line at $3,280 is expected to trigger additional weaknesses and lead to $3,230 and maybe lower to $3,190. Book or just wait for April 30? The Indian festival of 'Akshaya Trithiya' - a big day for gold shopping among NRIs in the UAE and elsewhere - falls on April 30 this year. Some shoppers have pre-booked in recent days to have some leeway on what they will pay that day. But other shoppers have just given up hope of a major price correction happening between now and end of the month.
Gulf Insider
12-04-2025
- Business
- Gulf Insider
Dubai Gold Price's Record Stuns UAE Shoppers
The price of gold has crashed past $3,200 an ounce for the first time in history – and taking the Dubai gold rate to Dh358 a gram for 22K. The local gold price has now gone up by Dh24 on a gram basis in 4 days. (The Saudi price for a gram of 22K is SR361.) Nothing like this has happened before, say jewellery retailers, and adding that it will take a lot of convincing for people to buy at these levels. As for bullion prices, it was minutes ago that the $3,200/oz barrier was broken. In the process, it beat the earlier high of $3,171 – which was last evening UAE time. This comes after fresh concerns take over global markets as the intensified US-China trade war adds to the overall uncertainty. The US stocks ended down yesterday, while Asian markets have opened in the deep red this morning. Adding more uncertainty to the proceedings is a weakening of the dollar. Add all that up and you have reasons for the gold to shine at levels never seen before. 'Only gold bars' 'The only demand from UAE shoppers is for gold investment bars,' said Anil Dhanak, Managing Director of Kanz Jewels. 'Jewellery sales are at extremely low levels, and UAE shoppers are not even willing to consider gold exchanges. 'They now feel they have a better chance of getting more if they hold. The way gold's performing, what they say makes genuine sense. 'It won't be enough for jewellery retailers to say that gold's a safe haven asset, so keep buying.' 'Find new ways' to sell gold Other jewellery industry sources also say they will have to rework their promotions to get a response from shoppers. 'Gold price has reached a level where even making charge cuts won't be enough,' said one gold wholesaler. 'Even zero making charges may not be enough. 'It will take a Dh20-Dh30 a gram price drop to make shoppers feel they are getting a price they are comfortable with.' Even price difference will not be enough Tourists shopping for gold too has had a steep drop in recent days, finding prices too high a barrier for entry. 'UAE gold price has a 6% price advantage over India, but which used to be 15% until mid-2024,' said a jeweller. (The current price of a gram of 22 gram in India is Rs8,259.) 'A shopper from Saudi Arabia gets the 5% VAT refund when buying in UAE compared to 15% in the Kingdom,' said the jeweller. 'Even then, you can feel that shoppers are collectively thinking of waiting this out.'
Gulf Insider
29-03-2025
- Business
- Gulf Insider
UAE Eid Al Fitr: Gold Shoppers Will Get A Price Shock After Another Record Climb
Shoppers in the UAE, Saudi Arabia and other Gulf states wanting to pick up jewellery as part of their Eid Al Fitr buys have received a big jolt – gold prices are in a record-setting race. New price peaks are being touched every few minutes, with bullion trading at $3,070 an ounce plus. So far today, gold is higher by an eye-watering $53.51. Needless to say, the $3,070 plus levels are the highest gold has touched to date. It was in mid-March that it had broken through $3,050 an ounce. The UAE gold rate gained Dh4 to be at Dh343 a gram for 22K, reflecting the steep increases in global bullion rates. Local rates had closed at Dh339.5 a gram for 22K, which itself was higher by Dh4.25 from just a week ago. And a significant Dh20 up on the UAE gold rate of March 1. The Saudi gold rate for 22K is at SR347. 'The surge in gold prices will likely have a noticeable impact on Eid shopping,' said Anil Dhanak, Managing Director of Kanz Jewels. 'High gold prices often lead consumers to scale back their spending on jewelry and related items, as the cost becomes a significant concern. This could certainly result in subdued sales during the festive season, as shoppers may prioritize their budgets differently.' The surge in gold prices will likely have a noticeable impact on Eid shopping Anil DhanakManaging Director of Kanz Jewels 'We had been expecting some sort of gold rush from UAE shoppers to make the imminent start of Eid Al Fitr holidays,' said a leading jewellery retailer in Dubai. 'But a $50 spike today will be difficult to bear for a majority of shoppers. We hope they will still buy, even if the jewellery comes in at a fewer grams than they had planned on.' Jewellery retailers are still hoping that Saudi tourists coming for the Eid break will still buy, to help the gain the VAT advantage. (Tourists to the UAE are re-compensated the 5% UAE VAT charges. In Saudi Arabia, the VAT is at 15%.) 'What's happening today is an out and out price shock,' said a jeweller. 'If shoppers were telling themselves that it's OK to buy gold when it's at $3,050 levels, they will need a lot of convincing to do so when prices are at $3,070.' Gold purchases during Eid is one of the high-demand points in the UAE shopping calendar. Any drop in sales would then set up a difficult April for jewellers, more so with the Indian festival of 'Akshaya Trithiya' being on April 30. (The festival is marked by heavy gold purchase demand among Indian shoppers.) A lot of things are happening at the same time when it comes to what's driving gold prices. There's the constant talk from President Trump on tariffs, and he's jacked up those on car imports into the US to 25%. And on April 2, his administration is to announce a raft of more tariffs, all of which is jolting markets. Amidst all this, the dollar's also weakening, and that has spurred the heavy institutional investor interest in gold. But what's good for institutional investors is definitely not what gold shoppers want to be saddled with – i.e., record gold prices. UAE gold shoppers have tried everything – exchange old for new (and made some seriously good pay-offs from that), booked early to lock-in prices, and waited for jewellers to offer discounts on making charges. Some have even waited for 'no making charge' offers. Having done all that, consumers are hoping that gold prices will cool off from these $3,000 and over levels. Can that happen? For that, there has to be less talk about tariffs for a start.
