Gold prices in Dubai have surged close to a 30-day high, reaching Dh378 per gram for 22K gold—just shy of the all-time peak of Dh381.75 set in late April.
With Eid Al Adha fast approaching, the unexpected rise in prices is making holiday jewellery purchases a tough call for many. Retailers say foot traffic remains steady, but a modest drop—especially below Dh370—could trigger a last-minute shopping wave.
The Dh3.5-per-gram jump since yesterday is being linked to a weakening US dollar, which is giving global bullion prices a lift. Gold is now trading around $3,400 an ounce, with analysts anticipating further movement once U.S. job data is released.
Despite the price uptick, Dubai’s Gold Souq and jewellery stores across the UAE remain well-prepared, showcasing festive collections and hoping for a strong close to the week.
Regionally, gold prices remain firm. In Saudi Arabia, 22K gold is selling at SR386 per gram, while in India, it stands at approximately Rs9,690.
All eyes are now on the market's next move—shoppers and sellers alike are watching closely for any sign of a last-minute dip.
