Latest news with #Dh340
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
23-04-2025
- Business
- Gulf News
Dubai gold price drop by Dh10 will give shoppers some relief - can they expect more?
Dubai: Gold shoppers in the UAE have a reason to smile – Dubai gold rate has dropped Dh10 in the last 24 hours from the peak Dh388 that a gram of 22K was showing yesterday. 'Gold prices need to cool off – there's no way the kind of rally could have been sustained,' said a commodities analyst. Now, the current Dubai gold rate of Dh377.75 might look like a 'bargain' only when compared to yesterday's prices. If the shopper were to look back to 30 days ago, she would find that gold prices have gone up by nearly Dh40 on a gram. But shoppers need to look at the bigger picture. For the first time in a month, gold's upward mobility has seen some sort of slowdown. Especially when you consider a Dh10 plus drop from the peak price in the last 24 hours. "The next 24 hours will be crucial to determine whether gold prices can drop further," said a jeweller. "If by any reason the Dubai gold rate can go back to Dh340 a gram levels, that would be some consolation for shoppers before April 30's 'Akshaya Trithiya'." (This is the Indian festival where gold buying is seen as auspicious for new beginnings.) Will Trump talk cool off gold further? Gold shoppers in the UAE and everywhere will also have to keep track of what's happening in geopolitics to have a hint of where Also, for the first time, US President Trump has suggested the possibility of being able to find some way to reduce the 100% plus import tariff on imports from China. Not just that, he's also been talking about having no intention to remove US Fed Chair Jerome Powell. "No one would be surprised if gold prices actually fall off quite a bit if the US has less to say about tariffs and removing Powell," said an analyst. "Current gold prices are way too elevated - they need to fall back." What it means for gold shoppers right now is that some of the upward pressure on prices could ease.
