UAE Gold Shoppers Hope Prices Will Fall Below Dh370

Gold prices in Dubai are showing signs of potential decline, with hopes that the price for 22K gold may dip below Dh370 per gram for the first time in 20 days.

As of August 20, gold prices have remained above this threshold, with recent fluctuations indicating a possible return to lower levels.

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Shoppers have been closely monitoring the prices, which peaked at Dh370.25 earlier this month. Many are eagerly waiting for prices to fall further, especially with the onset of the wedding season in September, traditionally a busy time for gold sales in the UAE.

Retailers are noting a cautious approach from buyers, with many holding off on purchases in anticipation of better rates.

Rohan Siroya, Director at Siroya Jewellers, mentioned that while some customers are browsing, there hasn’t been significant buying activity yet.

Global gold prices have softened recently, influenced by geopolitical factors, particularly the ongoing Russia-Ukraine crisis. Prices have declined to 3,317 an ounce from 3,345, a shift that may further affect local market trends.

Retailers indicate that shoppers are reluctant to spend when prices exceed Dh370, hoping for a return closer to Dh360 to reignite demand.

This cautious sentiment reflects broader economic concerns, as consumers prioritize immediate affordability over long-term investment views.

As the market shifts, gold buyers in the UAE remain hopeful for favorable price changes that could boost sales in the coming weeks.

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