Dubai Gold Rates Steady, No Signs of ‘Shopper-Friendly’ Drop – For Now
As the UAE gold market approaches one of its busiest sales periods, prices remain stubbornly above AED 370 per gram, offering little relief to shoppers.
Following a disappointing May, retailers are hopeful that the upcoming Eid holidays will spur sales, particularly with an expected influx of visitors from Saudi Arabia.
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The current gold rate in Dubai stands at AED 372.5 for 22K gold, compared to AED 380 in Saudi Arabia, which could entice tourists to make purchases.
Jewelry retailers are already receiving inquiries and bookings from regular Saudi customers, indicating a potential boost in demand as celebrations commence in early June.
Despite this optimism, May has been a particularly weak month for gold sales, with daily transactions dropping significantly.
Industry insiders report that the recent price spikes have led to a 20%-25% decrease in pre-holiday spending. The situation is further complicated by the economic landscape, which has made consumers more cautious.
Retailers are closely monitoring visitor numbers and hotel bookings from Saudi Arabia, as even a modest increase could positively impact sales, especially for higher-priced items.
The gold market is poised for a crucial test, and the hope is that Eid celebrations will revive interest and spending in the sector.
As the situation develops, both consumers and retailers await the outcome of this pivotal sales period, hoping for a turnaround in the gold market that could bring back the shopper-friendly prices of the past.
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