Dubai — Gold shoppers in the UAE saw a notable price drop on Thursday, with 24K gold falling by Dh5 to Dh400 per gram. The dip reflects global market trends and signals possible further reductions in the days ahead.
According to Dubai Gold & Jewellery Group rates:
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24K: Dh400 (down from Dh405)
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22K: Dh370.50
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21K: Dh355.25
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18K: Dh304.50
Analysts attribute the price drop to a stronger US dollar, easing geopolitical tensions, and delayed expectations for US interest rate cuts.
“If global gold falls below the $3,320 level, we could test $3,300, which would lower UAE retail prices further,” said Vijay Valecha, CIO at Century Financial.
Market sentiment has shifted amid reduced fears over US Federal Reserve policy changes and improving equity performance, lessening gold’s appeal as a safe-haven asset.
For UAE shoppers, this could be a favorable window to make gold purchases, with experts predicting prices may remain soft through next week.
