Dubai gold prices edge up as shoppers stick to budget buys
DSS 2025 raffle adds incentive to small-ticket gold purchases
DUBAI: The retail gold price in Dubai saw another small but notable increase on Friday.
The 24K variety climbed to Dh401.75 per gram, up from Dh400.25 the previous day. Prices for 22K also saw a rise, reaching Dh371.75, while 21K moved to Dh356.50. The 18K rate touched Dh305.50 per gram.
Despite the steady surge, shoppers focused on lower-budget gold jewellery are keeping footfall steady in key retail areas.
Low-budget buys
At the Dubai Gold Souq, plain gold chains and bangles in the 15–20 gram range continue to sell briskly. These items, usually priced under Dh3,000, remain attractive to UAE resident-shoppers who view them as small yet steady additions to their gold investments. These designs come with lower making charges due to the absence of intricate craftsmanship, making them a preferred choice amid high prices.
Shoppers remain cautious
Thursday's rates had already hinted at the upward trend. On July 10, 24K gold was priced at Dh400.25, with 22K at Dh370.75, and 21K at Dh355.50. These were all increases from the day before, continuing the week’s pattern of fluctuating prices. The lowest rate in the past 30 days was Dh365 for 22K, recorded in late June. Hopes for a dip to Dh360 remain unmet, keeping many larger-ticket buyers on the sidelines.
Seasonal slowdown
The holiday season has compounded the slowdown in high-value purchases. With many residents heading off on summer breaks, stores are witnessing reduced traffic. Promotions linked to DSS 2025 are adding some appeal, especially as shoppers now qualify for raffles at Dh1,000 spends instead of Dh1,500. Still, market insiders describe this as the “toughest summer” since the pandemic for gold retailers, with many consumers putting off designer jewellery buys until more stable prices emerge.