Dubai gold surges back after losing Dh4 - shoppers not getting price break

Dubai: The Dubai gold price drop by Dh4 a gram of last evening didn’t last long – it’s now up by nearly Dh2. And going by the way gold prices are faring in the global markets, weekend shoppers in the UAE are likely to see the price rise by another Dh1 or so.

If anyone had seen the price last evening and thought it was interesting, today, they will get the sense of having seen all of this again and again.

So, this is how the prices are right now – a gram of 22K will cost Dh372.25 against the Dh370.5, which was the closing price Thursday (July 18).

Right through the week, the Dubai price had been at the Dh374-Dh374.5 mark. “This is why when gold dropped suddenly on Thursday by Dh4, it was a big deal,” said a jewellery retailer. “Now, we see that it was quite temporary.”