After weeks of staying elevated, gold prices in the UAE have finally eased, giving shoppers and investors a long-awaited breather. The Dubai gold rate for 22K gold dropped to Dh333.25 per gram on Monday — the lowest it has been since March 12.
For most of the past month, prices had fluctuated between Dh338 and Dh348, with a brief spike taking it to an all-time high of Dh351.75 per gram earlier this month.
“There’s some relief for gold shoppers after a long time,” said Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds. “Residents have returned — mostly to buy gold coins and bars. The mood is investment-driven more than it is for jewellery.”
Investor Interest Picks Up Ahead of Akshaya Trithiya
With Akshaya Trithiya — a key date for gold buying in the Indian community — set for April 30, pre-bookings are already picking up, helped by the latest price dip.
“Tourist buying is still modest,” Abdul Salam noted, “but residents are making up for it by locking in lower rates for Akshaya Trithiya purchases.”
Global Gold Under $3,000 Again
In international markets, gold has slipped back below $3,000 an ounce, ending a dramatic rally that earlier saw it climb to $3,167. Some market watchers had even projected a surge towards $3,300 or beyond.
But the recent pullback is not entirely unexpected.
“Gold has had an incredible run since early 2024,” said Anil Dhanak, Managing Director of Kanz Jewels. “A correction was bound to happen — but I don’t expect this softness to last. Gold isn’t going to be cheap for long.”
Wedding Season May Get a Boost
With prices temporarily down, Dubai’s gold trade is hoping for early wedding-related orders — particularly from residents who have been postponing purchases due to sky-high rates.
“Whenever prices soften, we typically see wedding shopping start sooner than expected,” Dhanak added. “It’s already happening now, especially for coins and light jewellery.”
What to Watch
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Dubai gold rate (22K): Dh333.25/gram — lowest since March 12
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Lowest recent rate: Dh325.50/gram on March 10
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Global price: Under $3,000/oz, down from April highs of $3,167
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Key buying date: Akshaya Trithiya, April 30
While prices have eased, jewellers remain confident that gold’s long-term trajectory remains strong, backed by global economic uncertainty, inflation concerns, and continued demand for safe-haven assets.
“For serious buyers, this dip is likely the best opportunity we’ve seen in weeks,” said a Dubai-based trader.
