Dubai gold rates drop again, bringing 24K to Dh397 a gram
22K price falls Dh1.75 overnight, lowest in 10 days
DUBAI: Gold prices in Dubai continued their downward trend on Wednesday, with 22K gold dropping to Dh367.75 per gram – the lowest in 10 days.
This marks a Dh1.75 decline from Tuesday’s rate of Dh369.50. The current level is now just Dh1.25 above the 30-day low of Dh366.50, prompting a renewed interest from price-sensitive jewellery shoppers.
Dubai gold rates
On Wednesday, 24K gold is retailing at Dh397.00 per gram, down from Dh399.00 the previous day. Similarly, 21K dropped to Dh352.50 from Dh357.00, while 18K slid to Dh302.25 compared to Tuesday’s Dh306.00. These reductions come after weeks of resistance above Dh370 levels for 22K, which had noticeably dampened local jewellery demand.
Consumer expectations
Industry watchers point out that prices holding around Dh365-Dh366 for 22K could trigger moderate activity, with levels closer to Dh360 likely to stimulate a more significant response. Retailers may respond with extended summer promotions, including reduced making charges and limited-time offers to entice customers.
Bullion market impact
On the global stage, bullion continues to hover just under $3,300 per ounce. Tuesday saw global spot gold dip slightly by 0.02% to $3,332.45, with US gold futures easing 0.05% to $3,341.37. Analysts cite a strong US dollar as the primary factor behind gold’s subdued momentum, making the metal less appealing for overseas buyers.
Dubai’s retail gold prices closely mirror international bullion movements. A further drop to around $3,340–$3,350 per ounce could bring local 22K rates nearer to the shopper-friendly Dh360 mark.