Dubai gold price rises nearly Dh10 in 3 days - shoppers chase 'summer discounts'

Dubai: The Dubai gold price is now nearly Dh10 a gram higher than what it was over the last weekend, and with trends showing a further Dh1-Dh2 increase as possible.

The local price is at Dh374 a gram for 22K – and Dh403.75 for 24K – with shoppers looking to ‘seasonal offers’ to compensate for the price of gold. And these days, there are many promotions being offered, whether it’s part of the regular summer campaigns or part of the ongoing DSS 2025 incentives.  

There is a ‘mental block’ among shoppers whenever the local rate rises above Dh370, and that’s why gold retailers are going all out on making charge discounts and special offers on diamond jewellery in search of buyers still willing to spend. (There are 30%-50% price-offs on diamond. precious stones jewellery as part of the summer push.)

"Price sensitivity, especially when gold touches - or crosses - Dh370 a gram is certainly noticeable,” said Aditya Singh, Head - International Jewellery Business at Titan Company, which owns the Tanishq brand.  

“We do observe a more cautious buying sentiment - it's not a uniform drop as consumer behavior varies by nationality, occasion and product category.

“Summer raffles and in-store campaigns have continued to play a significant role in sustaining foot traffic, especially among local shoppers and value-seeking tourists.”

Jewellery retailers say that UAE shoppers used to have an issue when gold prices hit Dh300 for the first time, back in October 2024.

"Each time there is a Dh10 a gram price difference with the average price, shoppers show a reluctance," said a trader. "But soon that price barrier becomes accepted. We are seeing that when gold drops to Dh360/Dh365, there is a rush of buying. Bottom-line is gold remains a trusted investment."

These days, every other gold buyer is insisting on knowing about what the making charges will be on any piece of jewellery they are interested in. In fact, several jewellery retailers have staff volunteering those details even before they are asked.

That gold remains an asset choice for many UAE residents was obvious from the rush at jewellery stores over the last weekend, when the price was just over Dh365 a gram for 22K.

Now, with the price at Dh370 plus, there are still shoppers out there who would still spend – for the right design. “For me, gold is a long-term investment and also to do with tradition,” said Akshara Suresh, an advertising industry professional in Dubai. “Price fluctuations are normal (these days). If the design and occasion are right, I’ll go ahead.”