Gold prices in Dubai saw a slight drop on Eid day, easing from a 30-day high. The current rate for 22K gold is at Dh373.75 per gram, after briefly touching the Dh378 range around noon yesterday. Despite this drop, the price remains volatile, which has caused some shoppers to hold off on making their Eid gold purchases, opting to wait and see where prices settle.
Current Market Dynamics
Dubai Gold Price: Dh373.75 per gram for 22K gold.
The price was Dh378 at noon but dropped slightly as demand was affected.
Shoppers’ Response: Many potential buyers are waiting for today’s closing price to determine whether it will move closer to the Dh375 mark.
Eid Sales and Potential Price Movement
Gold retailers expect prices to fluctuate, with some speculating that prices could soften further if upcoming US economic and jobs data show positive trends. Traders believe that if prices drop by just Dh5, it could lead to a significant surge in gold sales, particularly over the Eid Al Adha weekend.
Tourism Impact
There is a strong presence of Saudi and GCC tourists in the Dubai Gold Souq, which could help support gold jewellery sales despite the fluctuating prices.
Retailer Offers and Schemes
For frequent buyers, some jewellery retailers are promoting monthly payment schemes, allowing customers to pay in instalments over 12 months, often with added perks like a one-month free add-on to their purchases.
Future Outlook
With gold price forecasts ranging from $3,700 to $3,800 per ounce, some traders suggest that those looking to invest in physical gold might consider signing up for instalment plans. Buyers can choose their gold now and receive it in 12 months while securing the price at today’s rates.
As the market remains uncertain, shoppers and investors are advised to keep an eye on any price adjustments or US data releases that could impact gold price trends over the weekend.
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