Dubai gold rates climb ahead of Eid Al Adha 2025
Younger investors shift focus to digital gold and ETFs for flexibility
DUBAI: Gold prices in Dubai edged higher on Thursday morning, just a day before Eid Al Adha holidays kick off in the United Arab Emirates (UAE).
As residents gear up for festive shopping, the Dubai Jewellery Group reported a notable rise in gold rates, with 24K opening at Dh406 per gram – up from Dh404.5 at the previous close.
Sales expectations are running high among jewellers for the three-day holiday, despite prices remaining firmly elevated. The demand is also being driven by global uncertainties and anticipation of key economic data from the United States, which have kept spot gold trading around $3,367.62 per ounce.
Retail trends
Among other gold variants, 22K opened at Dh376 per gram, 21K at Dh360.5, and 18K at Dh309. These price levels have largely held throughout the week, with 22K gold remaining above Dh370 per gram since Monday. For buyers hoping for a drop, the price resistance near Dh370 has persisted, creating hesitancy in new purchases.
Jewellers note that many resident shoppers may have made their gold purchases earlier in the year when rates hovered around Dh350 to Dh360. Eid promotions are in full swing – offering discounts on making charges and select diamond jewellery – but high gold prices continue to affect buying momentum.
Digital shift
Meanwhile, younger investors are showing increased interest in digital gold and exchange traded funds (ETFs). Even at elevated price levels, there’s been a noticeable uptick in purchases through commodity and crypto trading platforms. This shift reflects a preference for liquid, flexible investment formats over traditional gold jewellery.
Market outlook
Analysts suggest that gold may continue trading above Dh400 per gram in the medium term, supported by strong global demand, central bank buying, and geopolitical pressures.
With US payroll data on the horizon, all eyes are now on how international markets react – and whether bullion will attempt another rally toward the $3,400-$3,500 mark.