Dubai gold: Some jewellers launch 0% making charge offers after shock price rise

Latest US jobs report sees investors surge back into gold - for a $65 price jump

Last updated: August 02, 2025 | 08:07

Manoj Nair, Business Editor

1 MIN READ

In just a few hours, gold surged back. And for the Dubai gold rate, it means shoppers have to pay nearly Dh10 a gram more from levels on July 31.

Ahmad Alotbi/Gulf News

Dubai: Just when UAE gold shoppers are seeing favourable signs, their plans are getting dashed. It’s happened again, with gold prices surging last evening after the latest US jobs report raised concerns over the economy.

When it comes to Dubai gold price, it means that prices this weekend are locked in at Dh374 a gram for 22K – and that’s quite a jump from Dh368.25 from early Friday. It had been Dh365.25 on Thursday when bullion prices dropped after worries over the US trade tariffs eased.

Also Read: UAE gold jewellery sales lowest in 2 years on high prices: World Gold Council

But that was too good to last based on what’s happened later on Friday (August 1). “International gold metal prices have risen over $65 an ounce to $3,363 after the latest US jobs report,” said an FX analyst. “Not just that, there was again the noise over tariffs, such as the 35% on Canada.

“From the situation on July 30 and 31 to now, sentiments have changed altogether.”

Some jewellery retailers, including Damas, are offering 0% making charges – but that’s only on a limited time promotion and only for select jewellery.

Manoj NairBusiness Editor

Manoj Nair, the Gulf News Business Editor, is an expert on property and gold in the UAE and wider region, and these days he is also keeping an eye on stocks as well. Manoj cares a lot for luxury brands and what make them tick, as well as keep close watch on whatever changes the retail industry goes through, whether on the grand scale or incremental. He’s been with Gulf News for 30 years, having started as a Business Reporter. When not into financial journalism, Manoj prefers to see as much of 1950s-1980s Bollywood movies. He reckons the combo is as exciting as it gets, though many will vehemently disagree.