Dubai gold prices reach Dh404.75 for 24K
Discounts on making charges likely to headline Eid jewellery offers
DUBAI: Gold prices in Dubai remain persistently high, adding uncertainty to shopping plans ahead of the Eid Al Adha season.
As of today, the Dubai rate for 22K gold is Dh374.75 per gram, while 24K is priced at Dh404.75. These figures are only marginally below the all-time high of Dh381.75 for 22K gold.
The elevated prices have contributed to a notable drop in customer turnout across major jewellery hubs, including the Dubai Gold Souq.
Muted demand
Over the past 48 hours, retailers have reported sluggish footfall, with even tourists showing reluctance to shop for gold. Promotions such as jewellery exchange deals have seen lacklustre response. The sentiment is that prices close to Dh375 per gram are deterring buyers, despite aggressive marketing efforts by retailers.
Price expectations
Industry insiders suggest that a return to Dh380 levels is unlikely in the near term. Instead, shoppers might see minor relief if prices ease down to the Dh365–Dh370 range. However, fluctuations remain unpredictable.
Just two weeks ago, Dh350 per gram was seen as a good opportunity to buy, reflecting how quickly the market sentiment has shifted.
Eid offers strategy
With Eid approaching, retailers are expected to focus on reducing making charges rather than gold prices themselves. This approach may help attract cautious buyers who remain unconvinced that the current rates reflect long-term stability. Discounts on making charges are often seen as an effective way to maintain interest when base prices remain high.