Dubai gold price falls again - now Dh18 lower from July 22

Dubai: There is a further Dh5 drop per gram in the Dubai gold price and making it the lowest rate in the last 30 days. The current price is Dh365.25 for a 22K gram and with indications showing that a further fall in prices is possible.

This is now Dh18 lower from its recent peak of Dh383.25 from July 22.

“If the UAE gold price slips to under Dh360 in the coming days, the shopping season will start early this year rather than the usual period from September,” said a jewellery retailer at Dubai Gold Souq. “There are many potential shoppers who decided to wait through the last 3-4 months because gold was over Dh370, Dh380 a gram for 22K.

“There are also jewellery buyers who could bring forward their plans if gold prices were to slip to even Dh350 levels. If Dh350 happens, there will be a gold rush.”

It was on April 3 that Dubai gold price hit Dh350 for 22K for the first time. (On November 25, 2024, it went past Dh300, again for the first time.)

If in the next 24-48 hours there is clarity on what the US will do with its tariffs on trading partners, then gold could settle down. Another reason is that dollar’s gaining from some of the drops it sustained in recent weeks, and that too could reduce demand for gold as a safe haven asset. (India however could be facing 25% tariffs according to President Trump if no deal is ready by August 1.)

This morning, bullion prices have dropped by nearly $30 to $3,297 an ounce - this is also the first time since late June when it has slipped under $3,300.

The signs are encouraging for a further price dive as global markets welcome the greater clarity on US tariffs.