Dubai gold price drops over Dh5 in 24 hours - but shoppers shrug

Dubai: The Dubai gold price has dropped by nearly Dh6 a gram in 24 hours - but not by enough when it comes to getting shoppers interested.

The current rate is Dh377.5, and down from the Dh380 plus levels it spent the better part of Wednesday (July 23). This follows the steep drop in bullion prices in global markets since late last evening and early this morning.

As for UAE shoppers, they will show a real interest in buying gold jewellery if prices slip further, to Dh360-Dh362 levels.

"Only such a price will seriously interest UAE resident-shoppers," said a gold retailer. "Plus, in the coming weeks they will be more keen to head for their holidays, if they haven't already. And many will need to budget for the costs involved when they return and prepare for the new school year.

"Gold jewellery buying is way down on the list of priorities."

Unless, of course, gold prices were to actually start crashing.

Currently, bullion is trading at $3,380 an ounce level, well down on the $3,430 from yesterday.

Global markets are cheering some of the news they are hearing on US trade tariffs, with the deal struck with Japan being a key outcome.