Dubai Gold Rates: Could an Israel-Iran Ceasefire Drive Prices Below Dh370?

DUBAI – As the Dubai Summer Surprises promotions approach, the question on everyone’s mind is whether a ceasefire between Israel and Iran will cause gold prices in Dubai to drop below Dh370 per gram.

Currently, the price for 22K gold stands at Dh374.25, a slight decrease from Dh377 amid rising tensions in the region.

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Gold dealers believe that a significant drop in prices could stimulate shopper interest. “If the gold rate falls to Dh365-Dh370, we expect a strong response from buyers,” said one dealer.

The ongoing uncertainty in the market, influenced by recent developments in the US-Israel-Iran situation, has led to a cautious outlook.

Analysts note that while the current global price of gold remains elevated, a confirmed ceasefire could lead to a more substantial decline in local rates.

The market is keenly awaiting further announcements that could impact prices, as sustained high rates have led to subdued demand for gold and jewelry.

As the promotional campaign kicks off on June 27, Dubai aims to attract shoppers by reducing the entry price for raffle draws to Dh1,000, hoping to reignite interest in gold purchases during this pivotal shopping season.

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