Gold prices in Dubai staged a sharp rebound early Thursday, ending a three-day streak of declines and surprising shoppers who were hoping for continued relief. The price of 22K gold rose to Dh374.75 per gram, while 24K gold returned to above Dh400, now at Dh404.65 per gram, reflecting a Dh7 increase overnight.
This sudden reversal is particularly significant as it comes just days before Akshaya Trithiya — a major gold-buying occasion for Indian communities — which falls on April 30.
Unexpected Rise After Days of Decline
Shoppers across the UAE had seen gold prices gradually cool earlier this week, leading to expectations that prices might drop further and offer a better window to buy. Many were anticipating 22K gold to touch the Dh360 mark, as global markets calmed and economic pressure in the U.S. showed signs of easing.
However, with today’s jump, those hopes have been paused — at least temporarily.
Why the Next 6 Days Matter
The stretch between now and May 1 is traditionally one of the busiest periods for gold retailers in the UAE. Akshaya Trithiya, celebrated for its spiritual significance, often drives a surge in gold sales. Along with Dhanteras and Diwali, this festival marks one of the peak gold shopping times, especially among the Indian diaspora.
This demand, coupled with market fluctuations, could influence prices significantly in the coming days.
Experts Urge Calm — This Is a Correction, Not a Crash
Despite the sudden increase, industry insiders insist this is not a price “crash” scenario.
“If gold closes below $3,280 an ounce, then we’re talking about a crash,” said Anil Dhanak, Managing Director of Kanz Jewels. “Until then, these are healthy market corrections.”
Earlier in the week, global gold touched $3,500 an ounce, pushing 22K rates in Dubai to as high as Dh388. A cooling of U.S. market tensions has since led to a dip, though not enough to keep prices down today.
To Book or Not to Book?
For many shoppers, the key question now is whether to lock in gold prices through booking — a popular practice during festival seasons.
Booking allows buyers to secure current rates for purchases made within 30 days. If prices fall, they can rebook; if they rise, they still benefit from the lower locked-in rate.
“I was waiting for Dh360 per gram — that would’ve been perfect,” said a Dubai resident planning to buy gold bars on Akshaya Trithiya regardless of the rate. “Now I’m watching the price daily.”
Retailers Remain Hopeful
Gold sellers continue to encourage buyers to watch the market closely and remain optimistic about a possible dip before the festival.
“In today’s market, things change fast — even within hours,” said a Dubai-based FX analyst. “There’s still time for movement.”
What’s Next?
With festive sentiment running high, foot traffic in gold shops is expected to rise. Buyers may hold off for a potential dip, while retailers gear up for one of the year's biggest gold sales periods.
The next six days will be crucial not just for pricing but for setting the tone for the rest of the gold-buying season.
