The Dubai gold price this Eid has fallen to Dh369.25 per gram, easing concerns for shoppers ahead of the festive weekend. This marks a noticeable drop from the Dh378 seen earlier in the week and even Dh373 levels from last Thursday. The decline offers a Dh4 savings and has sparked renewed interest among gold buyers across the UAE.
For 24K gold, the Dubai rate has dipped below Dh400 per gram. The softening of prices began Thursday afternoon and continued into Friday. Retailers expected this and hoped the price would settle around Dh367 or Dh368 before markets closed. Although it didn’t reach those lows, shoppers seem comfortable with the current Dh369.25 rate.
Jewellery retailers across Dubai anticipate a strong weekend. Many believe the drop was essential to draw customers back after days of weak store traffic. Last week, prices above Dh370 significantly reduced footfall in the souqs and malls. Now, with the rate just below that critical threshold, sellers expect heavy action.
Retailers say shoppers were likely holding back until Eid to make purchases. Some waited for better deals and hoped for a price correction. Now that gold has fallen, many stores are launching Eid offers and discounts to make the most of the favorable price.
The situation was different just days ago. Pricing above Dh370 created a psychological barrier for buyers. But the price shift has changed the outlook for the weekend. Mall stores, hypermarkets, and traditional gold souqs expect foot traffic to surge, especially during the evening rush.
The recent dip is linked to global bullion prices, which dropped over $40 to reach $3,311 an ounce. This sharp fall came late Thursday and had a direct effect on the UAE market. Analysts also noted a concurrent drop in other assets like Tesla stock, reflecting broader market fluctuations.
While shoppers hope for a return to Dh350 levels, experts say this is unlikely in the short term. “A fall back to $3,000 per ounce doesn’t look probable at the moment,” one market analyst noted. Despite that, current prices are a clear improvement for festive shoppers.
The Dubai gold price this Eid is a crucial factor driving weekend sales. Traders believe the sub-Dh370 rate gives stores a solid opportunity. With strategic offers, retailers can now expect improved performance across all major gold retail outlets in the country.
