Dubai — With U.S. President Donald Trump securing approval for his much-publicized “big beautiful bill,” UAE gold shoppers are now wondering: will gold prices in Dubai finally ease?
As of this morning, Dubai gold rates have dropped to Dh371.75 per gram (22K), a slight pullback from Dh374 earlier this week. Retailers believe prices could fall below Dh370 by day’s end, but the big question is whether it will return to the Dh365 sweet spot, a level that triggered strong buying just a week ago.
“There’s a segment of UAE residents who are waiting to make purchases just before their summer vacations,” said a local jeweler. “They’re holding out for that Dh360, Dh365 range, which usually prompts ‘relief buying.’”
The U.S. budget bill, aimed at boosting economic growth, may strengthen the U.S. dollar in the near term. If that happens, global demand for gold could ease, pulling down prices. Gold currently trades at $3,336 an ounce, slightly lower than earlier this week.
Retailers expect a price dip could spur strong buying between now and mid-July, just before travel picks up. While past trends show shoppers were hesitant when prices hit Dh350+, many now see Dh365 as an acceptable norm.
