Dubai gold rates are slipping, and it couldn’t be happening at a better time for shoppers. A gram of 22K gold is priced at Dh367 (and Dh396.25 for 24K) and shows signs of further softening over the next 24-48 hours. These are the lowest levels in a week, and traders say there is a good chance the Dubai gold price could even slip closer to Dh360 if global trends continue.
According to retailers, these lower prices are already bringing back UAE resident shoppers who had held off recent purchases.
Akshaya Tritiya Boosts Early Buying Rush
The timing couldn’t be more crucial. April 30 marks Akshaya Tritiya, an important gold-buying festival for Indian shoppers, and UAE gold retailers are hoping the falling prices will turbocharge demand.
Bookings have risen sharply since last Friday, and some retailers reported up to a 25% increase in pre-orders compared to the same time last year.
Promotions Drive Up Demand for Coins and Jewelry
It’s not just the price drops encouraging buyers — retailers are aggressively rolling out offers. Promotions now include up to 50% off making charges, while some stores are offering gold coins for free on minimum purchases.
In addition, larger purchases are being sweetened with loyalty points and raffle draw entries, giving shoppers extra incentives to buy now rather than wait.
Global Factors Push Bullion Prices Lower
In the global metals market, gold bullion is trading at around $3,280 an ounce, a notable drop from the $3,318 close last Friday. Another $30-$50 per ounce decline would further tip the balance in shoppers’ favor, as prices have been stubbornly high in recent weeks.
Bullion experts note that easing geopolitical tensions and a softer dollar are helping to bring down gold prices globally, a trend that is now benefiting UAE buyers directly.
