Dubai gold price takes another step closer to Dh400 for 22K after another record
UAE shoppers change strategy when it comes to exchanging old jewellery
Dubai: UAE residents are taking a different approach when it comes to their gold jewellery – not rush to exchange their old collections for new. Because these days, a significant price increase can happen in a week or even in a day or two.
The Dubai gold rate for a 22K gram is Dh381.5, which is just over Dh10 higher than what it was on April 20. So, this is the trend that’s happening in the UAE and global gold markets – set a record high when it comes to prices and see that being overtaken in hours.
“Most UAE resident-shoppers have switched to buying new gold wherever possible rather than exchange,” said Shamlal Ahmed, Managing Director – International Operations at Malabar Gold & Diamonds. “They do so because they are certain they can get even better value from exchanging old jewellery later in this market cycle.
“Gold shoppers have gotten a price shock – but they have been quick to change their ways seeing how the market is performing.”
The Saudi gold rate for 22K is SR388.
It was October 2024 that Dubai gold rate first broke through the Dh300 milestone.
Many customers continue buying with renewed confidence, with gold being the only asset that outperforms in times of uncertainty.
How is gold tracking today?
If yesterday’s talk was about when gold could clear $3,400 an ounce, right now, it’s looking to have a good shot of breaching $3,500. That’s right – in the global metals’ market, bullion is at $3,460 levels, firing up by a near $150.
The only certainty right now is that gold will continue to power through.
What are UAE shoppers doing?
“Gold price volatility is here to stay and customers are adapting to the new norm," said Karim Merchant, Managing Director and CEO of Pure Gold. "Many customers continue buying with renewed confidence, with gold being the only asset that outperforms in times of uncertainty.”
Many customers continue buying with renewed confidence, with gold being the only asset that outperforms in times of uncertainty.
It is a fact - anyone holding gold is sitting on a high after a series of price appreciations unlike never before. if they are holding just over 28 grams - which would be an ounce - they are better off by a near $1,000.
Which also reaffirms gold's status as the safe haven.
The question is how will shoppers time their next purchase. If they feel the current prices are too high, they can sit this one out. But one thing is for sure - gold is unlikely to shed current levels given all the uncertainty over the dollar...
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