Source: Tripadvisor
Next 6 days crucial for UAE gold jewellery demand with Akshaya Trithiya coming
Price Reverse Shakes Up Shoppers
UAE shoppers were hoping for more relief as three days of weakening gold rates came to an end. But the Dubai gold rate proved everyone wrong, surging by nearly Dh7 per gram.
- 22K gold: Now at Dh 374.75/gm
- 24K gold: Again crossed Dh400, at Dh404. 65/gm
Shoppers and dealers had been expecting a deeper dip to Dh360 for 22K gold, after global markets returned to normal and easing of concerns on U.S. tariffs.
Market Correction—Not a Crash
The latest moves represent a market correction, not a crash. Bullion fell briefly to $3,260/oz before bouncing to $3,336/oz Gold reached $3,500/oz earlier this week and the price of 22K in Dubai went up to Dh388.
“If in any of these days, gold closes below $3,280 an ounce, that’s a crash,” said by
Anil Dhanak, MD, Kanz Jewels
Countdown to Akshaya Trithiya: Key Shopping Window
Akshaya Trithiya, which falls on April 30, is a gold-buying festival in its own right, and even more so for the Indian expat community. One of the busiest shopping periods in the UAE gold market — along with Diwali, Dhanteras and shopping festivals like DSF and DSS. With less than a week to go, buyers and sellers are keeping a close eye on the market.
To Book or Not to Book?
And many shoppers are still weighing whether to proceed and lock in current low gold rates before the festival.
Pre-booking benefits:
- Lock today’s price
- If there are any price drops before the final purchase
- Must purchase within 30 days
“I would say any price around Dh360 a gram would have been good to book,” said a shopper, who plans to pick up a couple of gold bars whatever the Dubai gold rate is on April 30.
Retail Optimism Remains High
The retailers, however, are optimistic despite the volatility. “These days, the way gold is moving, anything can change in 24 hours,” said an FX analyst. “Even within 24 hours.”
In a move to fire up the market, Arakkal Gold and Diamonds in February opened its largest showroom in Safari Mall, Sharjah, and launched 500 kilos of new gold designs.
The Sharjah shop is a ‘reflection of our legacy and a celebration of our future,” said Thanveer C.P., Chairman.
Conclusion
The next few days will be key with gold prices volatile and festive demand kicking in. Regardless of whether shoppers book or wait, Akshaya Trithiya looks set to be a defining moment for the UAE’s vibrant gold market.
