Dubai gold price shoots up by Dh3 - what can shoppers expect from summer, DSS offers?

Dubai: The Dubai gold price has shot up by just over Dh3 again early Thursday as concerns resurface over where the US economy is heading.  The local rate is at Dh372.75 a gram for 22K, while leading gold and jewellery retailers are aggressively pushing special summer promotions to attract shoppers.

So far, trends show that gold is not seeing a sharp price drop many had been hoping for after the Israel-Iran ceasefire deal happened.

For shoppers, there is still some silver lining to current price trends. “The Dubai gold rate is ranging between Dh368-Dh373 a gram and not over the Dh375 mark, which turns off shoppers,” said a gold retailer.

“With the ongoing gold promotions and the DSS raffles starting tomorrow, hopefully, the UAE gold business can get some shoppers back.”

This week and through July, UAE gold shoppers are being flooded with exchange offers. "The current Dubai gold price is just where shoppers could be convinced about an exchange scheme," said a retailer. "Everything needs to be mapped out clearly to show shoppers are getting full value for money."

A spokesperson at Pure Gold said, "We are offering up to 75% off on select diamond jewellery - and up to 100% exchange value."

A look at some of end of June/early July promotions from other leading names also show that exchange offers at zero deduction form a crucial part.

"The situation is such that gold and jewellery sales on ready cash basis has come down," said a retailer. "Because shoppers are unsure what would be the 'right price' to be buying gold.

"So, gold exchange offers are one way to try and convince them - and make them comfortable with buying gold again."