UAE residents/Saudi tourists make some ‘smart’ buying during Eid gold shopping

UAE gold shoppers are changing their strategies to make best use of surging prices, with the local gold rate inching closer to Dh350 a gram for 22K. This morning, gold has raced past $3,100 an ounce for the first time, gaining over $20, as the global economic situation feels the stress of more US tariffs from early next month. The UAE gold rate was Dh339.5 on March 27.

But UAE gold shoppers are not letting that impact their buying too much during the Eid holidays. Right now, shoppers are exchanging jewellery that is highly priced, say Dh5,000 each, for multiple pieces for the same grams. They are splitting it up because they see gold prices gaining more in the future. 

Some tourists exchanged their pricier jewellery for smaller pieces with the intent to sell when they head back to their home countries.