With gold prices climbing sharply in recent days, many UAE shoppers eyeing gold or jewelry purchases are choosing to wait until Eid Al Adha promotions begin in early June, according to retailers.
As of Friday, the Dubai gold rate for 22K stood at AED 371.5 per gram, a noticeable jump from AED 359 just over a week ago. Retailers say the rising trend is closely tied to growing global uncertainty, particularly economic concerns in the U.S., which continue to drive investors toward safe-haven assets like gold.
“Most shoppers are holding off purchases until June 2, when Eid promotions kick off,” said one Dubai-based jeweler. “There’s hope that discounts and added value offers could offset the current price spike.”
Global Sentiment Lifting Bullion
Gold is currently trading at approximately $3,330 per ounce, up $30 in recent sessions. Analysts cite economic jitters and a weakening dollar as the main drivers behind the surge.
“Safe-haven demand is strong, and unless there’s a shift in U.S. economic signals, gold could remain elevated,” said an industry source.
Waiting Game for Value Hunters
Retailers are expecting an uptick in footfall next week as Eid Al Adha promotions begin, with bundled offers and price protection schemes making purchases more palatable despite high rates.
For shoppers, the advice is clear: unless the purchase is urgent, waiting a few more days may offer better value — both through retailer incentives and a possible price correction.
