Dubai gold rates rise as shoppers await Dh360 mark
Prices remain within narrow Dh2–Dh4 range over recent days
DUBAI: Jewellery shoppers in the United Arab Emirates (UAE) were in for another surprise on Thursday as gold prices recorded a slight uptick, continuing the week’s fluctuating trend.
Despite expectations of a drop closer to the Dh360 mark, retail gold rates for July 10 have instead inched upward.
Dubai gold rates today
As of July 10, 24K gold is priced at Dh400.25 per gram, up from Wednesday’s Dh397.00. Similarly, 22K gold is retailing at Dh370.75, a modest increase from Dh367.75 the day before. For 21K, the rate now stands at Dh355.50 compared to Dh352.50, and 18K has climbed to Dh304.50 from Wednesday’s Dh302.25.
Shoppers, especially those tracking daily movements closely, were hopeful the rates would dip to Dh360 for 22K, a level not seen since last month. However, price activity has stayed within a narrow Dh2–Dh4 range, offering little clarity or incentive.
Low footfall, muted mood
The fluctuating gold rate has led to a dip in consumer activity across retail outlets in Dubai. Many shoppers are adopting a cautious approach, waiting for a more convincing drop before making purchases. This behaviour has impacted retailer sales, even as promotions and discounts continue to be rolled out.
Adding to the slump is the holiday season, with a significant number of residents travelling abroad. Several shoppers who had planned to buy jewellery before their vacations reportedly delayed or abandoned those plans amid the current pricing uncertainty.
Bullion’s global impact
Internationally, bullion prices have also shown signs of strengthening. On Thursday morning, gold was trading at $3,318 an ounce after having touched lows of $3,290 on Wednesday. This global movement has reflected in Dubai’s retail market, where small shifts in international bullion tend to influence daily pricing.
Meanwhile, some customers who had earlier locked in gold prices at Dh365 are now seeking flexible alternatives. Jewellers are being approached to convert these fixed-price plans into monthly instalment schemes, with customers picking up gold equivalent to their deposits at the end of 12 months.
With rates continuing to hover just above Dh370 for 22K, and no major drop in sight, shoppers remain on the fence – waiting for that elusive dip to Dh360 that could finally spur renewed buying activity.