Latest news with #Dh388
Gulf News
01-05-2025
- Business
- Gulf News
Dubai gold price drops to lowest in 2 weeks - but many UAE shoppers have already done their buying
Dubai: The Dubai Gold Rate has slipped further to Dh362.5 a gram for 22K – the lowest in more than 15 days. The fairly sizable drop did not come in time for many shoppers in the UAE, who were out buying gold yesterday to make 'Akshaya Trithiya', the Indian festival where adding to one's gold holdings is a key part of the tradition. Even then, UAE's shoppers – residents and tourists – were not deterred that they had to pay for gold at Dh366-Dh369 a gram yesterday. The Dubai Gold Souq and jewellery stores elsewhere in the UAE had a heavy rush of buyers, starting from around 12pm and which continued right through closing time. It was as if shoppers were only intent on meeting the tradition of buying on Akshaya Trithiya whatever be the prevailing price. "They were picking up everything - gold coins, bars and jewellery," said Abdul Salam K. P., Vice-Chairman of Malabar Gold & Diamonds. This was indeed the best one-day sales the UAE jewellery trade has had since the start of 2025." Clearly, there was a lot of pent up demand on display, because most shoppers had been staying away from jewellery stores as prices kept on pushing higher and reaching the highest point of Dh388 last week. 'Contrary to historical trends, the INR might appreciate. Key thesis here is that the US will prefer a weaker dollar and a lower interest rate regime as large amounts of US debt will be maturing and coming up for renewal. 'Also, India's macro-factors like inflation, government finances, GDP growth and political stability should aid in INR stability. Only joker in the pack are crude oil prices, which according to me will be range-bound with a downward bias' - Prasanna Pathak, Managing Partner, The Wealth Company A little price drop helps By afternoon yesterday, the local gold rate had slipped to Dh366 levels, and which was another catalyst in the shopper surge seen in the afternoon. 'Tradition wins' is how another retailer characterized the heavy buying demand seen yesterday. "It would not surprise me if we had the same rush even if the Dubai gold rate was Dh375 or Dh385," he added. Many shoppers, especially first-time buyers, were also using the day to start their monthly instalment schemes with jewellery retailers. This way, they make a commitment to pay a fixed amount each month and for them to pick up gold at the end of 12 months. (In many cases, the jewellers put up a sum equal to what the individual is paying in a month as an incentive.) "There were younger shoppers who were getting into gold investments through the monthly instalment program," said Salam. "Their idea is to time their next big gold purchase in 12 months - and closer to Akshaya Trithiya 2026."
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.
Gulf News
25-04-2025
- Business
- Gulf News
Dubai gold price sticks to Dh370 plus levels - more UAE shoppers opt for 'monthly instalments'
Dubai: The Dubai gold rate continues to stick to over Dh370 for a gram of 22K (and Dh440 plus for 24K) – but that has not prevented UAE's resident-shoppers to see what they can do to make best use of the near-peak prices. In recent days, more of them are signing up for the monthly gold instalment schemes offered by leading jewellers here. The average monthly instalments are in the Dh1,000-Dh2,000 range, but shopper-investors can even go below Dh1,000 to make a start. At the end of a certain period, they can recoup those payments in any form of gold they want – coins, bars or jewellery and with the retailers throwing in some incentives of their own. 'The monthly instalment schemes have been the most popular option with UAE residents, especially after gold hit $3,500 an ounce,' said a jewellery retailer who is giving the instalment option. Essentially, these shoppers are only 'delaying' their next purchase of gold until such time they feel prices have dropped to levels they are comfortable with. 'We even have non-residents who are regular visitors to the UAE opting to sign up for the instalment plans,' said the retailer. 'For many it's a realisation that rather than random gold buys, it makes better sense to build their way to the grams or jewellery they want.' Shoppers turn 'investors' For more than a year now, jewellery retailers and entities such as World Gold Council have been saying that shoppers in the UAE and Gulf have 'refined' their ways in buying the metal. Which explained why gold bars and coin sales did remarkably well even as overall jewellery sales fell during 2024, according to World Gold Council data. And the process only got bigger with gold prices going its merry way towards $3,500 an ounce, which meant that the Dubai gold rate hit a peak of Dh388 a gram for 22K and Dh412 for 24K. "Google search data reveal that 'Buy Gold' search queries have reached a 5-year high from UAE-based searchers," said James Campion of the trading platform eToro. "This surge in online interest reflects growing consumer confidence in gold as a safe-haven asset despite elevated prices. "The Dubai gold rate has experienced an extraordinary journey since breaking through the Dh300 milestone in October 2024. "In less than six months, prices have increased by more than 30% - outperforming most other investment assets during the same period."
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.
