Gold shoppers in the UAE may soon find some relief, with Dubai’s 22K gold rate expected to slip below Dh370 per gram for the first time in nearly three weeks. The last dip was recorded on July 31 at Dh368.25 per gram, after which prices have consistently stayed above Dh370.
Global bullion prices have weakened further, dropping to $3,317 an ounce compared with $3,345 yesterday, marking a decline of nearly $100 in the past month. The softening comes as the US dollar strengthens and diplomatic efforts intensify to ease the Russia-Ukraine crisis.
Retailers say jewellery demand has been muted as buyers wait for lower levels. “We haven’t seen much wedding-season buying yet. Some clients are browsing, but most are waiting for better rates,” said Rohan Siroya, Director at Siroya Jewellers.
With September marking the return of tourists and the start of the festive season, including Onam, retailers hope a price correction could spark stronger sales. Still, shoppers see Dh340-Dh350 a gram as the “reasonable” buying range.
“UAE shoppers are hesitant when rates stay above Dh370,” one retailer explained. “They are waiting for Dh360 levels, especially if geopolitical tensions ease. While gold is seen globally as a safe haven, buyers here focus on immediate affordability rather than long-term value.”
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