Dubai gold prices slip below Dh400 mark ahead of Akshaya Trithiya festivities
24K gold opens at Dh397.5 per gram as global prices ease
DUBAI: Gold prices in Dubai opened lower on the first trading day of the week, offering relief to shoppers ahead of the Akshaya Trithiya festival.
Following a strong rally fuelled by geopolitical tensions and global economic uncertainties, the yellow metal is now trading below Dh400 per gram.
Global gold prices dipped under $3,300 an ounce, influencing local rates downward.
Dubai gold prices
At 9AM UAE time, the 24K variety was priced at Dh397.5 per gram, marking a drop from Dh400 per gram over the weekend.
Meanwhile, 22K was trading at Dh368.25 per gram, 21K at Dh353.0 per gram, and 18K at Dh302.5 per gram.
These are the lowest levels seen over the past seven days, raising hopes among shoppers for further declines.
Global trends
Internationally, gold was down 0.97 percent to $3,300.33 an ounce, slipping below $3,290 during early trading hours. After recent highs driven by the US-China trade tensions and concerns over financial sanctions, the bullion market is seeing a mild correction. A further drop of $30-$50 per ounce could tilt the advantage even more in favour of buyers.
Retail momentum
Retailers across Dubai are responding with aggressive promotions, cutting making charges by up to 50 percent or waiving them entirely for select gold coins. Early bookings by residents suggest growing optimism, with many locking in prices ahead of the peak Akshaya Trithiya buying day on April 30. Lower bullion rates, combined with reduced making charges, are making gold purchases even more attractive across the emirate.