Latest news with #DubaiGoldRate
Gulf News
19-04-2025
- Business
- Gulf News
Dubai gold price sticks to high level for weekend as 'smart money' goes into bars
Dubai: Anyone shopping for precious jewellery this weekend will find the Dubai Gold Rate is just Dh1 lower than the record Dh372.25 a gram for 22K hit on April 16. And on the 24K gram, it's back to slightly over Dh400. This will come as a disappointment for those shoppers who had been hoping that prices would remain under Dh370 a gram for 22K, as it did for the better part of yesterday (April 18). Even at current never seen before levels, there are still UAE based shoppers who picking up gold – and they are 'smart money' into gold bars and, if not, coins. 'There are shoppers who would never have thought of buying anything other than gold jewellery now insisting on buying gold bars,' said Shamlal Ahmed, Managing Director of Malabar Gold & Diamonds. 'Whenever these regular gold shoppers find they have money to spare, they are putting it into bars. 'Currently, 30% of our UAE shoppers are opting for bars and coins, whereas just months ago, that tally was at 8%. We have never seen such a switch happen.' Other jewellery retailers have more or less the same feedback to share. 'A sizable number of shoppers – those making regular investments in gold – do not want to spend on jewellery making charges right now,' said a jeweller, who operates outlets in the Dubai Gold Souq as well as at some of the prestigious malls in the city. 'So, they point to the gold bar – in the size they want – and that's it. The best part is they also save on making charges.' Gold is the new currency A lot of the retail level demand for the metal is centered around where prices might end up next. This weekend, bullion is at $3,315 an ounce, well below the $3,350 it touched midway through this week. 'For gold prices to unwind, world's central banks need to halt their buying spree – but that somehow seems unlikely to happen,' said Ahmed. 'So, naturally, the forecasts are for gold to push its way towards $3,700 sometime this year. 'That's why shoppers are putting their faith in bars and coins, where they see the possibility of further gains from present levels.' Watch out for 'profit-taking' At some point, global funds with sizable gold holdings could go in for some selling on their positions. That would trigger a drop in prices, to what levels is anyone's guess right now. Any drop to around $2,900 levels would be a positive for shoppers.
Gulf News
17-04-2025
- Business
- Gulf News
Dubai gold price is on fire again; gram of 24K clears Dh400 for first time
Dubai: Gold prices are on fire – for a second consecutive day, with the Dubai Gold Rate for a gram of 22K up by Dh14 in just over a day. A gram costs Dh372.5 right now. Nothing like this has ever been seen before, with the price of a gram of 24K clearing Dh400 for the first time. A level that market sources at the start of the year said would take at least until September/October to happen. UAE gold rates These days, gold is creating and resetting records by setting its own rules. The numbers tell the story – 'The price difference between the lowest Dubai gold price in the year to date and today's price is a near Dh150 a gram,' said Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds. This year's lowest local rate was the Dh223.25 a gram for 22K on February 14. In Saudi Arabia, the 22K and 24K gram prices are SR378 and SR409, respectively. Bullion prices In the global commodities market, bullion continues on its merry way, at one point earlier today shooting past $3,350 an ounce mark. Right now, it's at $3,337 - but the key point here is that it's still a good $115 up from 24 hours ago. "Yesterday, when the gold stores were opening, we were wondering whether gold would be closing the day at $3,280," said a jeweller. "Who would have thought we could well be looking at reaching $3,380 within the next few days. Even today!" No clarity until tariff issue goes away? Global central banks and institutional investors keep buying gold amidst all the uncertainty in markets over US reciprocal tariffs - whether there will be a solution after the 90-day pass offered by President Trump to all nations except China. These days, bullion traders in Dubai are not even bothering to give price forecasts or when it could stabilize. Because it could change within an hour.
