The Dubai gold rate has dipped below Dh370 a gram, bringing a sense of relief to shoppers after prices edged close to Dh380 just a day earlier. As the Eid Al Adha holiday approaches, local retailers are hoping this price correction could ignite stronger consumer demand in June.
The Dubai Gold & Jewellery Group has announced a lineup of promotional offers for the Eid period, running from June 2 to 9. These include zero deduction on gold exchanges and 'half-back' deals, aimed at encouraging more footfall and lifting sales during the festive season.
Retailers believe even a 20% to 25% increase in sales from current levels would mark a significant recovery. The promotions are also designed to address consumer concerns that current gold rates may still be too steep.
For those not looking to buy or exchange, selling old gold for cash remains an option. According to Karim Merchant, CEO of Pure Gold, “We offer competitive rates based on the day’s gold price after verifying the metal’s purity and completing necessary documentation.”
Traders advise caution for those considering selling. If gold prices fall within Dh10 a gram of their recent peak, it might be the right time to sell—especially for those not in urgent need of cash. However, mistimed sales could mean missed gains.
Some shoppers may also choose to hold on to their gold, waiting for more favorable conditions. Either way, industry experts recommend keeping original invoices to ensure smoother exchanges or resales.
As Eid Al Adha nears, UAE residents will need to decide: buy, sell, exchange—or simply hold.
