Dubai gold rates climb to Dh403.50 amid global market movements
Summer jewellery deals offer Dh5-Dh10 savings per gram
DUBAI’s 24-carat gold price rose to Dh403.50 per gram on Wednesday morning, marking a steady uptick in line with global market movements.
The increase follows a weakening of the US dollar and easing Treasury yields, which made gold more appealing to investors worldwide. This local rate hike was mirrored by rises in other categories: 22-carat gold climbed to Dh373.75, 21-carat hit Dh358.00, and 18-carat increased to Dh307.25.
The global spot gold rate was recorded at $3,328.89 per ounce as of 02:50 GMT, showing a 0.2% rise from Tuesday’s dip to a two-week low. US gold futures saw a 0.3% increase, trading at $3,343.00. The dollar index hovered near a one-week low, which typically supports gold pricing. Additionally, US 10-year Treasury yields lingered near a one-month low, adding further support to bullion’s appeal.
Trends in local shopping
While prices remain elevated, there’s ongoing speculation among gold traders about a potential drop. According to market insiders, rates around Dh365 per gram are considered favourable for shoppers, with some expecting levels to ease to Dh360 in the coming days.
In anticipation of fluctuating rates, UAE retailers have rolled out aggressive summer promotions. Leading brands such as Malabar Gold & Diamonds, Joyalukkas, Tanishq, and Kalyan have launched multiple offers to attract buyers despite the current price levels. These promotions include reductions in making charges, attractive gold exchange rates, and entry into lucrative raffles.
For example, Malabar Gold & Diamonds is offering cash vouchers on diamond and gemstone purchases above Dh3,000 until July 6. Tanishq shoppers can benefit from 100% valuation and up to Dh25 per gram bonus on gold exchanges, with offers lasting until June 30. Meanwhile, Kalyan has introduced a 50% reduction on making charges, along with raffle draws offering airline tickets for winners across Dubai.
DSS 2025 promotions
The Dubai Summer Surprises (DSS) 2025 campaign adds further incentive. Starting June 27, the annual gold raffle returns, with the minimum entry requirement lowered to Dh1,000. The promotion runs through to the end of August, promising a season of significant deals and shopping excitement.
At Joyalukkas, making charges have been slashed by 50% until July 6. Their campaign includes multiple giveaway opportunities, including diamond pendants and grand prizes in partnership with Lulu Hypermarket. Tanishq’s tie-up with Lulu also includes a Dh2 million diamond prize pool.
As retail competition heats up and price watchers keep an eye on the Dh360 mark, the UAE’s gold shoppers are poised to take advantage of timing and deals. The prevailing ceasefire between Israel and Iran, global dollar movement, and upcoming Fed policy adjustments will likely shape gold’s next move in the Emirates.