DUBAI — The gold price in Dubai remained steady at Dh369 per gram for 22K gold for the second consecutive day, bringing welcome news to shoppers preparing for Akshaya Trithiya, one of the most auspicious days for buying gold in Indian tradition.
The flat pricing comes just in time for the April 30 festival, which typically sees a surge in gold purchases across the UAE — particularly from Indian expats. This year’s rate is significantly higher than Dh265 per gram recorded during Akshaya Trithiya last year, but shoppers appear undeterred.
Pre-Bookings Surge Below Dh370
Retailers across Dubai noted a rush in pre-bookings as soon as the gold rate dipped below Dh370 per gram.
“Yes, there had been some fairly heavy pre-bookings from the moment Dubai gold rate dropped,” said Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds.
The company is offering 150 mg gold coins for purchases above Dh3,000, as part of its Akshaya Trithiya promotions.
Shift in Buying Trends
Retailers report that rising gold prices have prompted many shoppers to opt for lighter jewellery, with most sales focused on 10–15 gram pieces. There’s also a visible uptick in demand for gold coins and bars, as these carry lower making charges.
“Budget-conscious buyers are going for coins and bars,” Salam added.
“What’s important is that they’re still buying.”
While the number of store visitors is expected to rise, retailers anticipate that the total volume of gold sold may be lower than previous years — a trade-off they are willing to accept.
Shoppers Feel a Sense of Relief
Despite higher prices than 2024, buyers were relieved the rate wasn’t higher.
“We would have bought whatever the price,” said one shopper. “But it’s a relief to pay Dh369 instead of over Dh380 like it was on April 21.”
Retailers Report Tourism Boost
According to Chirag Vora, Managing Director of Bafleh Jewellers, the current price stability has provided a breather after weeks of volatility.
“We have noticed a degree of stability in gold prices this week,” he said, noting a rise in tourist spending, particularly on lightweight gold and diamond jewellery.
Tech Meets Tradition: Careem Delivers Gold
For those who can’t make it to the store, Careem has stepped in. The popular ride-hailing app has partnered with Indian jeweller Tanishq to offer home delivery of 24K gold coins, ensuring no one misses out on the festival shopping.
Comments 0
No comments yet. Be the first to share your thoughts.
Leave a comment
Your email is never published. All fields are required.