Shoppers in the UAE heading into Eid Al Adha are finding little relief on gold prices, with rates for 22K gold holding steady above Dh370 per gram since early this week. The current Dubai gold rate stands at Dh374.5 for 22K and Dh404.5 for 24K, dampening traditional festive buying.
Retailers note that many residents may have already made their jewellery purchases earlier in the year when prices hovered around Dh350, a level now seen as more favorable.
Despite active seasonal promotions—including discounts on making charges and diamonds—demand has remained cautious. “At Dh360 and above, we’re seeing considerable price resistance,” one retailer remarked.
Meanwhile, younger investors are shifting towards digital avenues. Platforms offering digital gold and ETFs are seeing a sharp uptick in interest, driven by the appeal of liquidity and accessibility. “There’s a noticeable rise in retail investors looking at gold as a safe asset amid ongoing global uncertainties,” said Feras Jalbout, CEO of Baraka.
As traditional sales slow, the rise of ‘digi-gold’ signals a changing dynamic in how the UAE’s next generation approaches gold investment.
