Time to buy gold? Dubai gold rate is now at the lowest since March 12

Dubai: UAE gold prices have come under renewed pressure for a second consecutive day, with the Dubai gold rate at its lowest since March 12. A gram of 22K is priced at 333.25 right now, after being in the Dh338-Dh348 range for the better part of the month. For a brief period this month, it had even hit the highest ever mark of Dh35175.

The lowest Dubai gold rate in recent times was the Dh325.5 a gram on March 10 and Dh327 on March 11 and 12.

“There’s some relief for gold shoppers after a long time, and we have seen UAE residents come back for gold coins and bars,” said Abdul Salam K. P., Vice-Chairman of Malabar Gold & Diamonds. “The mood is to invest rather than go for jewellery again.

“There aren’t that many tourist buyers, but residents are more than compensating. And they are also using the price drop to make advance bookings for April 30’s ‘Akshaya Trithiya’ gold buying.”

In the global markets, gold is again trading below $3,000 an ounce, having shown weakness in recent days.

It was earlier this month that gold shot up to $3,167 and looked more than set for a run all the way to $3,200 and even $3,300. (There were some who thought going up to $3,500 would not be that difficult.)

Given how gold prices have been performing since 2024, no one believes that the asset will remain subdued for long.

According to Anil Dhanak, Managing Director of Kanz Jewels, "Gold prices are on the downside - but that's to be expected after the long run of setting records every other months since January 2024.

"But I honestly don't think gold will be on the lower side for the longer term. It will definitely not be 'cheap'..."