Dubai gold price at its lowest last weekend since May 30

Last weekend, shoppers in the UAE with plans for a gold purchase will enjoy the lowest Dubai gold price in nearly 30 days, with a gram of 22K being Dh365.5 and 24K at Dh394.5. It was on May 30, that the local rate was at similar levels, and spending most of this month at well over Dh370 levels for 22K. There were moments when it did look as if the price could drop by a further Dh2-Dh3 a gram – but eventually settled at Dh365.5. UAE gold and jewellery shop sources confirmed there was a ‘slight’ increase in shopper traffic to their stores, once it became clear that gold prices were dropping quite significantly.

Such was the price drop on Friday that many shoppers will be hoping the trend continues into next week when global markets open. Some of the increased activity came about because of the start of the Dubai Summer Surprises’ gold-specific promotions.