The Dubai gold rate dropped by Dh4.75 per gram to Dh378.25 for 22K on Monday, offering slight relief after last Friday’s spike triggered by Middle East tensions. However, prices remain well above typical buying comfort levels.
The 24K rate continues to hold above Dh400, standing at Dh408.50 per gram.
Despite high prices, retailers reported that some residents continued to make purchases over the weekend. A notable case included a 40-gram jewellery sale at a Dubai Gold Souq store, where the buyer paid nearly Dh20,000.
“Some customers are buying in anticipation of further hikes,” said a local retailer.
Last week’s surge pushed 22K rates beyond Dh383, breaking April’s record. Global spot gold has since eased to below $3,400/oz, as geopolitical fears softened.
Retailers say many buyers are waiting for prices to fall below Dh370, a more favorable range.
