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UAE: Why Gold Discounts Don’t Always Mean Lower Prices During Eid and Diwali

  • Gulf Trick

As festive seasons like Eid and Diwali approach, a familiar scene unfolds in the UAE: bustling gold souqs filled with eager shoppers hoping to snag the best deals on jewelry and coins.

For many, buying gold is not just a cultural tradition; it’s also viewed as a smart financial investment.

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However, the reality is that gold isn’t always cheaper during these festive periods, and shoppers may find themselves paying more than they would in quieter months.

Surging Demand Drives Prices Up

Gold prices in the UAE are influenced by global markets, but local demand during festivals plays a crucial role in setting retail prices.

As families and investors flock to gold shops across Dubai, Sharjah, and Abu Dhabi, the surge in demand often keeps prices elevated, sometimes even pushing them higher despite the presence of promotional offers.

“Many buyers assume prices dip during festivals due to promotions,” explains a jeweler based in Dubai. “In reality, these are some of the busiest days for us, and margins tighten due to demand pressure.”

Promotions That Might Not Save You Money

While jewelers do roll out promotions during Eid and Diwali, these often focus on making charges rather than the gold price itself.

Shoppers may encounter enticing deals such as zero making charges or free gold coins, but the base price of gold might be just as high—if not higher—than at other times of the year.

To mitigate price volatility, some retailers offer price protection schemes, allowing customers to lock in a rate in advance. However, success with this strategy depends on timing and market conditions.

The Unpredictability of Market Trends

Gold is known for its volatility, with prices fluctuating multiple times a day. Factors such as inflation fears, global tensions, and changes in interest rates can cause prices to spike leading up to festive periods, leaving shoppers with little certainty about when to buy.

“There’s no fixed pattern, making it risky to assume that buying during festivals guarantees a bargain,” warns industry experts.

Timing Your Purchase

For those looking to save, experts suggest considering off-peak periods for gold purchases. July to September, or the weeks following major festivals, often see better price dips due to decreased demand.

For buyers motivated by cultural or traditional reasons, it’s still possible to find savings by comparing making charges and keeping an eye on retailer schemes.

Monitoring global gold trends through UAE gold price apps or websites can also provide valuable insights.

Festivals like Eid and Diwali are wonderful occasions to celebrate with gold. However, shoppers should remain aware of the price realities behind the sparkle of celebrations.

Sometimes, the best deals can be found by purchasing before or after the festival rush, allowing you to secure more gold for less money.

As the saying goes, knowledge is power—especially when it comes to making informed purchasing decisions in the ever-evolving gold market.

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Tags:Gold Price in UAEShopsUAE
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