Shoppers worry whether this latest spike will set new UAE gold price high
Dubai: The Dubai gold price has shot back to its highest level in the last 30 days, at Dh379.25 a gram for 22K, adding to the concerns of those shoppers in the UAE who had plans for purchases.
The current rate matches that on August 8 - now, the wait will start to see whether gold will push back over Dh380 all over again. And of course, whether there is a chance it will rush higher to beat the current all-time high of Dh383.75 from June.
If the prices continue, it could severely dent UAE gold sales for the festival buying during Onam, which is in the first week of September.
"This is the worst phase for shoppers thinking of buying gold," said a retailer. "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."
According to analysts, UAE gold prices could range between Dh378 to Dh382 a gram for 22K, and with a good chance of breaking to Dh384.
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