Planning to buy gold for next week’s Akshaya Trithiya festival? Now could be a good time to make a booking, with the Dubai Gold Rate dropping to its lowest level since April 15.
This weekend, the price for a gram of 22K gold stands at Dh369 — a significant drop from the Dh380-plus levels seen last week. (On Akshaya Trithiya, which falls this year on April 30, many Indians traditionally add to their gold collections. In the UAE, it marks one of the biggest single-day sales events for the gold trade.)
“Book my purchase today — that’s the plan,” said a shopper. “I would have bought on April 30 whatever the price, but a drop from Dh388 as recently as April 21 to Dh369 is a big break.”
The shopper could benefit even further, as some market analysts predict more dips ahead, with gold possibly settling around $3,280 an ounce.
At one point yesterday, there was hope among UAE shoppers and gold retailers that the Dubai gold rate might even dip to around Dh367 a gram. Globally, bullion prices have been falling after briefly pushing past $3,500 an ounce earlier this week. It currently stands at $3,318.
For the first time in days, jewellery retailers are optimistic that the final week of April could deliver strong sales. In addition to resident shoppers, retailers are expecting a surge in visitors attending the Arabian Travel Market in Dubai next weekend.
(In India, the price of 22K gold is currently Rs8,760 per gram, down by Rs66.)
“It doesn’t matter whether shoppers want gold bars or jewellery,” said a retailer. “We just want shoppers back. The recent price rise had spooked everyone.”
“I am not saying gold prices won’t rise to $3,500 again — but it should be gradual, not overnight like we saw last week.”
