23-04-2025
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.
