The price of 22K gold in Dubai has dropped to Dh352 per gram, marking its lowest level in 30 days. This decline follows a sharp fall in global gold rates, with the local price falling by Dh8.25 in the last 24 hours. Despite the recent drop, many buyers in the UAE remain hesitant to re-enter the market, holding out for prices closer to those seen in March, when gold briefly dipped below Dh340 per gram.
“Shoppers have been on the sidelines this week,” said a local jewellery retailer. “Even offers like reduced or waived making charges aren’t enough to revive demand right now. Many believe the price will fall further.”
Over the past year, gold prices have fluctuated repeatedly, tempting buyers with apparent corrections that quickly reversed within days. This volatility has left many wary. “A realistic gold price would be around $3,000 to $3,100 per ounce,” noted a gold wholesaler. “Currently, it’s about $3,150, so many prefer to wait.”
Anil Dhanak of Kanz Jewels echoed this sentiment, explaining that purchasing decisions often depend on personal events like weddings or anniversaries. “Without an urgent reason, shoppers tend to hold off,” he said.
Looking ahead, if gold prices remain soft, retailers are expected to launch promotional offers, especially ahead of the pre-summer holiday season. “Savings that reduce the price by Dh3 to Dh5 per gram could encourage buyers,” said a retailer.
For now, shoppers are closely watching to see if prices drop further to around Dh350 per gram before making a move.
