Dubai: Gold prices in Dubai slipped to Dh197.25 a gram overnight for 22K in the most significant dip for UAE jewellery shoppers since late March/early April. The Dubai Gold Rate for today's (September 29) morning session has been set at Dh198.
On Tuesday, the 22K price was at Dh199.25 a gram, as gold remains under pressure along with stock markets and other assets. But for UAE shoppers, the only detail that matters is whether prices can drop to the Dh190 level or not. (International gold prices have dropped nearly $80 an ounce in the last 30 days. Current gold prices are at $1,738 level.)
In the year-to-date, the lowest gold has touched was the Dh191.75 on March 31. “Anything above Dh200 is seen as too expensive by the regular UAE gold shopper,” said a senior official at a leading jewellery store brand. “Anything between Dh190-Dh195 will get shoppers’ interest – we can hope that current softening will continue.
“Because once the Expo opens, the visitors from the Subcontinent will be returning in higher numbers. A Dh190-Dh195 a gram for 22K will be ideal to get them buying.”