Will Dubai gold price be hitting Dh370 all over again?

Dubai: Gold prices have broken past the $3,300 an ounce mark again and which should soon push the Dubai gold rate to Dh370 a gram and above.

The last time the local gold price was at Dh370+ was on May 11. Between then and now, the lowest the Dubai gold rate has gone down was to Dh354.75 a gram, which was May 16. (At the time, the global markets was still cheering the settling of the tariff crisis between the US and China.)

"Dh370 and over are not 'shopper-friendly' prices, that's for sure," said a jeweller. "The saddest part is that many shoppers were holding back on purchase because they thought Dh360+ levels were pricey last week."

Gold, oil all rise

Commodities are all tearing up the price charts today, with oil being the other commodity. There are fresh geopolitical concerns over Israel and Iran, while in the US, concerns about whether the economy is close to stalling is rife. There is all the uncertainty over the budget too.

All of which makes gold an asset to buy and hold - for the world's central banks, institutional investors, funds, and the super-wealthy, etc.

Which doesn't leave much room for retail gold shoppers to pick up a piece of jewellery.