Dubai gold price could soften in the coming days

The Dubai Gold Rate, which was up just over Dh3 early May 2 to Dh362.25 a gram for 22K, but more reasons are emerging for the gold price to soften in the coming days, say jewellery retailers. Shoppers, especially tourist buyers, should wait to see where the gold pricing could be headed in the morning hours. There are hopes that post-afternoon, there could be some softening from the Dh362 levels and which would then lock the price in for the weekend.

There are signs that the kind of volatility gold prices recorded for all of April might be abating. The biggest plus factor would be China’s comments that it could look to negotiate its way out of the tariff crisis with the US. The high-stakes US-China trade tensions was the primary reason why gold prices shot off further into record territory in the second half of April. At one point, the Dubai gold rate for 22K even looked ripe to barge past Dh400 a gram after reaching Dh388, say market watchers.