Dubai Gold Prices Hit Lowest Since May 30: Will Shoppers Return?
Dubai – This weekend, gold prices in Dubai have reached their lowest point in nearly a month, with the price of 22K gold at Dh365.5 per gram and 24K at Dh394.5.
This decline comes after the prices largely remained above Dh370 for most of June.
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As shoppers consider gold purchases, the recent price drop coincides with the start of the Dubai Summer Surprises, which has led to a slight increase in foot traffic at jewelry stores.
Late Friday, prices appeared poised to drop further by Dh2 to Dh3 per gram, before stabilizing at Dh365.5.
According to Abdul Salam K. P., Vice-Chairman of Malabar Gold & Diamonds, the price reduction has brought a sense of optimism to the market. “Customers who are nearing the end of their summer holiday shopping are relieved to see these prices,” he noted.
Industry experts suggest that an ideal price for consumers would be between Dh350 and Dh355 for 22K gold, which they believe could be achievable in the next couple of months.
However, the future trajectory of gold prices remains uncertain. While the easing of regional tensions has contributed to the price drop, concerns over the global economy, U.S. tariffs, and potential interest rate changes by the Federal Reserve continue to loom.
As shoppers enjoy the lowest prices since May 30, all eyes will be on Monday to see how gold prices will respond in the global market.
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