The Dubai gold rate, which stood at Dh369.25 per gram for 22K gold at the start of the week, could see a further drop of Dh2–Dh3 in the coming days as global bullion prices soften. While Eid Al Adha weekend saw a modest uptick in gold sales, many shoppers across the UAE are now waiting for a more significant price drop before making their next move.
Gold retailers noted that demand this Eid was lower compared to previous years, especially from Indian and Saudi tourists who typically drive festival-season sales.
“Shoppers are being practical,” said Anil Dhanak, Managing Director of Kanz Jewels. “They are waiting for what they consider the ‘right price’ — something in the Dh355 to Dh359 range.”
Last week, gold prices in Dubai fluctuated between Dh370 and Dh378 before falling slightly ahead of Eid. Although the Dh369 rate did encourage some sales, many consumers are still holding out in hopes of further declines, especially with upcoming Dubai Summer Surprises promotions and other seasonal offers across the Emirates.
Retailers have observed a shift in buyer behavior. More consumers are now approaching gold with an investor mindset, looking beyond traditional jewellery purchases.
"Not everyone is going digital," noted a market analyst. "But more buyers are thinking long-term, picking up bars and coins when prices dip, instead of just shopping for events like weddings or festivals."
With bullion trends pointing to a potential softening and promotional campaigns expected to heat up this summer, traders believe a dip below Dh360 per gram could spark a fresh round of buying — particularly from those who see gold as a safe-haven investment.
Retailers are now being urged to highlight gold investment products, such as bars and coins, alongside their usual jewellery collections to cater to this growing interest in physical gold as a form of financial planning.
