Dubai gold rate near 30-day high - will shoppers still buy this Eid?

Dubai: The Dubai gold rate has shot back to its highest point in the last 30 days, at Dh378 for a 22K gram, adding another twist to UAE shoppers plans this Eid Al Adha. Since yesterday, the local price has gone up by Dh3.5 – and it still looks good to firm up by a dirham or two.

Will it go past the all-time high of Dh381.75 a gram for 22K is what’s on shoppers and gold retailers’ minds. That mark was hit in late April (and for a short while it was even at Dh388.)  

The Dubai Gold Souq and jewellery outlets everywhere in the UAE are decked up for what remains one of the most important events in local gold trade.

The Saudi gold rate for 22K is SR386, while in India, a gram is now going for Rs9,690.

"We are still hoping to see higher than average shopper traffic today and over the next 3 days," said a retailer. "The hope is that there will be some softening in prices in the next few hours, even a drop to under Dh370 levels would be a blessing."

In the global bullion market, the price is close to $3,400 an ounce levels. The analyst sentiment is that the upward push could continue until the US job data gets released tomorrow. The main reason for gold's added luster these days is a weak dollar.