Latest news with #Dh381.5
Gulf News
06-05-2025
- Business
- Gulf News
Dubai Gold Rate back to touching distance of highest level
Shock ripples through UAE gold trade after prices shoot higher by Dh15 in 24 hours Last updated: Dubai: The Dubai Gold Rate is just Dh5 away from its highest point in the last 30 days – and also the highest ever as prices swelled ahead of the crucial meeting of the US Federal Reserve Wednesday. Currently, the Dubai rate is at Dh376.5 a gram for 22K – and Dh406.5 for 24K. The highest single-day Dubai gold rate was the Dh381.5 on April 21. To put matters more starkly, the difference between today's Dubai Gold Rate and on April 7 is a whopping Dh45.50. That's the sort of price gap that will push shoppers to the sidelines. Most shoppers and jewellery retailers in the UAE certainly didn't see this coming, after gold recorded a gradually softening in rates last week. But everything has changed since Monday (May 5), with the Dubai gold rate pushing its way to Dh269.5 from Dh361.5 and now to Dh376.5. Lost sales after yesterday's price hike 'We were expecting some tourist groups to come to the Dubai Gold Souq yesterday afternoon – but they dropped those plans after prices shot up,' said a jeweler. 'This volatility is what's hurting the gold business these days. 'Who can convince any shopper they are coming in at the right time when the gold price gap in just 30 days is a staggering Dh45…' Another record high in the offing? The next 24-48 hours will be critical in deciding whether the Dubai gold rate will go past the Dh381.5 record. (For a brief period on April 21, it had even touched Dh388.) Everything sort of rests on what the US Fed meeting Wednesday will end up with. Some direction on future US interest rate cuts- and instantly reflected in the UAE – could be the prompt for gold prices to soften.
Gulf News
22-04-2025
- Business
- Gulf News
Dubai gold price takes another step closer to Dh400 for 22K after another record
Dubai: UAE residents are taking a different approach when it comes to their gold jewellery – not rush to exchange their old collections for new. Because these days, a significant price increase can happen in a week or even in a day or two. The Dubai gold rate for a 22K gram is Dh381.5, which is just over Dh10 higher than what it was on April 20. So, this is the trend that's happening in the UAE and global gold markets – set a record high when it comes to prices and see that being overtaken in hours. 'Most UAE resident-shoppers have switched to buying new gold wherever possible rather than exchange,' said Shamlal Ahmed, Managing Director – International Operations at Malabar Gold & Diamonds. 'They do so because they are certain they can get even better value from exchanging old jewellery later in this market cycle. 'Gold shoppers have gotten a price shock – but they have been quick to change their ways seeing how the market is performing.' The Saudi gold rate for 22K is SR388. It was October 2024 that Dubai gold rate first broke through the Dh300 milestone. How is gold tracking today? If yesterday's talk was about when gold could clear $3,400 an ounce, right now, it's looking to have a good shot of breaching $3,500. That's right – in the global metals' market, bullion is at $3,460 levels, firing up by a near $150. The only certainty right now is that gold will continue to power through. What are UAE shoppers doing? 'Gold price volatility is here to stay and customers are adapting to the new norm. Many customers continue buying with renewed confidence, with gold being the only asset that outperforms in times of uncertainty.' It is a fact - anyone holding gold is sitting on a high after a series of price appreciations unlike never before. if they are holding just over 28 grams - which would be an ounce - they are better off by a near $1,000. Which also reaffirms gold's status as the safe haven.
