Dubai bullion dealers started the week with yet another record high: the 22‑karat gold rate jumped to Dh 375.25 per gram, marking a Dh 17.75 increase in just seven days. The purer 24‑karat variant followed suit, climbing to Dh 405.25 per gram. A week earlier, on April 17, the 22K rate stood at Dh 369.75, underscoring the pace of this latest rally.
Global Benchmarks Approach New Milestones
The rally on Dubai’s souks mirrors strength in international markets, where spot gold is trading near $3,383 per ounce. Having breached $3,000 in mid‑March, then surged past $3,200 and $3,300 this month, analysts at Kuwait‑based Kamco Invest flag $3,357 as a critical support level. A sustained move above that could propel prices toward $3,400 and even $3,425. Conversely, a drop below $3,280 may open the door to retests of $3,230 and $3,190.
Festival Demand Fuels Early Purchases
With Akshaya Tritiya—one of the most auspicious days for buying gold in Indian and Gulf communities—falling on April 30, local merchants report a flurry of advance bookings. “Customers want price certainty ahead of the festival,” says Anil Dhanak, Managing Director of Kanz Jewels. “They’re willing to lock in today’s rates rather than risk further increases.”
Consumer Sentiment Remains Cautious
Despite hopes for a pullback, shoppers say a meaningful correction appears unlikely before month‑end. “We’d need a sharp downturn to see 22K gold dip below Dh 350 in the next ten days,” notes one buyer, suggesting that a level around Dh 325–Dh 330 per gram would represent a “comfortable” entry point under current market pressures.
