Dubai gold price drops Dh11 in 24 hours as buyers hold back
22K gold now Dh367.75 after near-record high earlier this week
Dubai's gold market has seen a sharp correction, with 22K gold now priced at Dh367.75 per gram – down from Dh378.5 just a day earlier.
This Dh10.75 drop comes after prices hovered near record highs, including a peak of Dh381.75 earlier this week.
Despite the decline, many residents are waiting for further reductions before making purchases, targeting levels around Dh350-Dh355.
The current price correction places the market at its most attractive point in over a fortnight, though shopper activity remains cautious. With Dh367.75 still perceived as high, potential buyers are closely tracking the trend before committing to gold jewellery purchases.
Gold prices in Dubai
In comparison, 24K gold dropped to Dh397.25, while 21K and 18K are now at Dh352.75 and Dh302.25 respectively. The last time 22K gold touched its 30-day low of Dh351.25 was on April 10, marking the lower end of the current fluctuation range.
Emerging forecasts suggest a potential stabilisation around Dh360, though a drop below that could trigger renewed local demand. Industry watchers view Dh355 as a realistic short-term target, while Dh350 remains uncertain.
Weekend buying trends
The price shift could influence weekend shopping patterns, especially among tourists frequenting Dubai’s Gold Souq and major malls. Tourist purchases continue to make up a sizeable share of jewellery sales, while residents remain price-sensitive and likely to engage once the Dh360 threshold is breached.
Market movement
The drop comes amid global economic developments, including easing trade tensions and shifting investor sentiment. With international spot gold trading at $3,309.89 and US futures at $3,313.56, local prices may remain volatile in the days ahead.