Dubai gold price surprises shoppers with near Dh7 jump after 3 days of drops

The Dubai gold rate has gained a near Dh7 a gram early today, which will come as a complete jolt to shoppers in the UAE who had been hoping for a third straight day of price softening. The local gold price for a gram of 22K is Dh374.75, while for the 24K version, it’s back to over Dh400. By 9.30am yesterday the Dubai gold rate was back in drop mode, at Dh371 for 22K.

It looks like a fluid time for gold prices, and shoppers need to plan accordingly. Shoppers and gold sellers were hoping to see the Dubai gold rate drop further to around Dh360 for a 22K today as global markets returned to positive territory and there was less hard talk over US tariffs and removing the Federal Reserve Chairman.Between now and May 1 is a crucial period for gold shoppers given that the Indian festival of ‘Akshaya Trithiya’ falls on April 30. Shopper shouldn’t lose heart, gold retailers say, saying there is still time for prices to soften.