Dubai gold price is steady - and that's perfect for shoppers on 'Akshaya Trithiya'

Dubai: The Dubai Gold Rate is unchanged for a second consecutive day at Dh369 for a gram of 22K and sets up what will be one of the busiest sales day for gold shopping in the UAE in 2025. This is also the lowest gold rate since April 23, when it was Dh368.

So, the stage is set for the Indian festival of ‘Akshaya Trithiya’, where gold buying is one of the traditions that need to be done. And a lot of expat Indians in the UAE have already done their part.

By 3pm, the Dubai gold rate had dropped further, to Dh366.5, with bullion prices dropping below $3,300.

“Yes, there had been some fairly heavy pre-bookings from the moment Dubai gold rate dropped below Dh370 a gram,” said Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds, which is offering 150mg gold coins for each purchase of Dh3,000. “What we are seeing is that because of the higher gold prices, most of the buying has shifted to lighter weight gold pieces, typically between 10-15 grams. But the most important thing is they are still buying despite the prices.

“The more budget-conscious shoppers are directly going for gold coins and bars, where the making charges are minimal."

The feedback from gold retailers is that by close of business today, they will have had more shoppers in the stores, but the actual volume of gold sold might still be lower. But retailers will take it any which way it turns out.

As for shoppers, the sentiment is one of relief. A good number of Indian expats buy for 'Akshaya Trithiya' because that's the done thing to do.

"We would have bought whatever the price, but there's relief because today, we will need to pay only at Dh369 a gram rather than the Dh380 plus of April 21," said a shopper who is all set to head out to a store as soon as it opens.

A lot changed for gold - and shoppers - the world over this year. Just compare the Dubai gold price on Akshaya Trithiya last year - Dh265 for 22K.

"We have noticed a degree of stability in gold prices this week from more volatile movements we experienced in the last two to three weeks," said Chirag Vora, Managing Director of Bafleh Jewellers.

"We have recorded a substantial increase in tourist spending notably the lightweight gold and diamond jewelley."

For shoppers too busy to head to a gold store, Careem's lending a hand.

In a tie up with Indian jewellery brand Tanishq, Careem will deliver 24K gold coins right to the shopper's home.

Clearly, jewellers are covering all possible bases. They can't afford not to - each year, the 'Akshaya Trithiya' day remains one of the biggest for gold sales in the UAE.