The recent dip in Dubai gold prices brought much relief to shoppers

Gold prices in Dubai, United Arab Emirates (UAE) fell sharply mid last week by below 400 Dirham per gram, following a record high the previous day. The decline offered much-needed relief to retail buyers amid recent market volatility.

According to Dubai Jewellery Group, 24-carat gold opened at Dh 399.50 (Rs 9,299.29) per gram, down from Dh 420 on Tuesday, April 22. While gold prices have been rising rapidly, sometimes even hourly, prompting a mixed reaction from consumers. While some residents have sold old jewellery to benefit from recent highs, others have shifted to purchasing new pieces.

As reported by Khaleej Times, shoppers are opting for lighter jewellery and smaller investment items like gold coins. Many are exchanging older items to lock in current rates. Meanwhile, Gulf News highlighted that a portion of consumers are holding off on trades, anticipating further price hikes. Some are opting to invest in new jewellery instead, seeing it as a long-term asset amid ongoing market uncertainty.