Dubai gold price shoots back to the highest in 30 days at Dh379.25

The Dubai gold price has rebounded to its highest level in the last 30 days, at Dh379.25 per gram for 22K, creating concern among shoppers in the UAE, according to a report in Gulf News. If the prices continue to rise, it could severely dent UAE gold sales for the festival buying during Onam, which is in the first week of September.

According to analysts, UAE gold prices could range between Dh378 to Dh382 a gram for 22K, and with a good chance of breaking to Dh380. With the current rate matching that of August 8, the market would wait to see if gold will push back over Dh380 all over again. Of course, there are possibilities that the gold price will rush higher to surpass the current all-time high of Dh383.75 since June.

According to the report, a retailer commented, “This is the worst phase for shoppers thinking of buying gold. Onam gold sales are not a big part of the UAE retail calendar, but we were hopeful of some buying activity this year. All the big jewellers have Onam collections ready – but if shoppers are looking at possible record gold prices, it’s going to be difficult.”