Latest news with #Dh358
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.'
Khaleej Times
11-04-2025
- Business
- Khaleej Times
UAE: Gold rises by up to Dh10, continues rally after Trump tariff pause
Dubai residents are eyeing the yellow metal rates as prices continue to fluctuate greatly, driven by market impact after Trump imposed tariffs, and subsequently announced a 90-day pause. Dubai Jewellery Group data showed 24k opening at Dh386.5 per gram, an increase of Dh10 from opening rates on Thursday morning. 22k opened at Dh358 per gram, compared to Dh348.75 per gram on previous day's opening. Both 21k and 18k saw similar increases, with the rates at Dh343.25 per gram and Dh294.25 per gram, a rise of Dh8.75 and Dh7.75, respectively, compared to Thursday opening rates. Gold prices hit a rare low on Monday in the aftermath of the tariffs, and some UAE residents capitalised on the opportunity to invest in the precious metal. With rates quickly spiking after the all-time low, some residents made profits of up to Dh1,200 in 24 hours. China to a staggering 125 per cent.
