A drop in Dubai Gold Rates for 22K gold below Dh200 a gram has given UAE gold shoppers some reason to smile on Friday. As of right now, the rate is Dh199.25 against Dh203.25 just 24 hours ago – but will this be enough to convince people to buy on the dip?
We expect the price pressure to continue, at least until the end of the week. It is still possible that if prices soften to Dh190 a gram, UAE consumers will pick up a few grams.
According to a senior official of a leading jewelry retailer, shoppers will likely wait until the end of the day to see what trends are emerging in the international bullion market. The average rate for shoppers these days is Dh190-195. After bullion prices were $1,762 by 11 am, the Dubai Gold Rate settled at Dh200.25 later that day.