Latest news with #Dh369
Gulf News
30-04-2025
- Business
- Gulf News
Dubai gold price is steady - and that's perfect for shoppers on 'Akshaya Trithiya'
Dubai: The Dubai Gold Rate is unchanged for a second consecutive day at Dh369 for a gram of 22K and sets up what will be one of the busiest sales day for gold shopping in the UAE in 2025. This is also the lowest gold rate since April 23, when it was Dh368. So, the stage is set for the Indian festival of 'Akshaya Trithiya', where gold buying is one of the traditions that need to be done. And a lot of expat Indians in the UAE have already done their part. 'Yes, there had been some fairly heavy pre-bookings from the moment Dubai gold rate dropped below Dh370 a gram,' said Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds, which is offering 150mg gold coins for each purchase of Dh3,000. 'What we are seeing is that because of the higher gold prices, most of the buying has shifted to lighter weight gold pieces, typically between 10-15 grams. But the most important thing is they are still buying despite the prices. 'The more budget-conscious shoppers are directly going for gold coins and bars, where the making charges are minimal." The feedback from gold retailers is that by close of business today, they will have had more shoppers in the stores, but the actual volume of gold sold might still be lower. But retailers will take it any which way it turns out. 'Huge relief' As for shoppers, the sentiment is one of relief. A good number of Indian expats buy for 'Akshaya Trithiya' because that's the done thing to do. "We would have bought whatever the price, but there's relief because today, we will need to pay only at Dh369 a gram rather than the Dh380 plus of April 21," said a shopper who is all set to head out to a store as soon as it opens.
Gulf News
26-04-2025
- Business
- Gulf News
Dubai gold price drops - will shoppers pre-book for 'Akshaya Trithiya'?
Dubai: Planning to buy gold for next week's 'Akshaya Trithiya' festival? The, right now would be a good time to make a booking for the actual purchase on April 30, with the Dubai Gold Rate having dropped to its lowest since April 15. A gram of 22K for this weekend is at Dh369, well down on the Dh380 plus the Dubai gold rate had touched last week. (On Akshaya Trithiya, which this year falls on April 30, Indians prefer to add to their gold collections. In the UAE gold trade, it represents one of the biggest single-day sales for them over the years.) 'Book my purchase today – that's the plan,' said a shopper. 'I would have bought on April 30 whatever the price gold is at, but a drop from Dh388 as recently as April 21 to Dh369 a big break.' The shopper could be better off even more going by trends for gold price movements. There could be more dips, with some analysts saying it could settle around $3,280 an ounce levels. For some time yesterday, there was hope among UAE shoppers and gold sellers that the Dubai gold rate could even fall to around Dh367 a gram. In the global metals market, bullion prices had been dropping after pushing through to $3,500 an ounce early this week. It's at $3,318 now. Gold bars or jewellery? For the first time in some days, jewellery sources are exuding hope that the last week of April is heading for solid sales. Apart from resident shoppers who will come calling on April 30, gold retailers are expecting sizable batches of visitors who will be in town for the Arabian Travel Market in Dubai next weekend. (In India, one gram of 22k is at Rs8,760, down by Rs66.) "It doesn't matter whether shoppers want gold bars or jewellery," said a retailer. "We just want shoppers back. The recent price rise had spooked everyone.
