Eid sales: Dubai gold price drops from Dh30-day high - but still volatile

Eid gold buyers need to keep price-checking today to see if they get a decent drop

Last updated: June 06, 2025 | 08:20

Manoj Nair, Business Editor

2 MIN READ

All that shoppers need is one decent-sized price drop for Eid. Will they get it?

Bloomberg

Dubai: The good news for gold shoppers in the UAE on Eid day? The fact that the Dubai gold rate did not move closer to Dh380 a gram for 22K.

The local price is at Dh373.75 currently after being in the Dh378 range for some time yesterday noon. It did end up hurting demand, with many shoppers used to buying gold jewellery during Eid deciding to wait to see where prices will be today. (Today’s closing price will also be what will prevail over the weekend.)

Also Read: Eid Al Adha gold sales: UAE shoppers get no price break

But the way gold prices are behaving right now, there is still a good chance that it could push back to Dh375 and over today. And that means shoppers need to track gold price movements closely before they decide. (For many shoppers, Eid gold and jewellery purchases are a must. For them, price is not an issue.)

Dubai Gold Souq traders say there is a fairly strong presence of Saudi and other GCC tourists, and this could spill over into decent levels of jewellery buying today and the weekend – even at current price levels.

Will price drop by evening?

One suggestion gold retailers are putting out is that gold prices will keep to the Dh370 a gram mark - but there could be some changes if latest US economic and jobs data later this evening offer positives.

"This evening is crucial in deciding gold's fate over the next two days - which is a make or break weekend for gold buying in UAE being the Eid Al Adha break," said a jeweller.

"If gold price softens even by Dh5, we can expect a major sales push."

Monthly payment schemes

For those regular gold buyers, this is also the moment they could start thinking of signing up for a 12-month instalment scheme with some of the jewellery retailers. They get to make those monthly payments - based on what suits their budgets best - and then pick up the gold or jewellery in 12 months. (The retailers usually offer a one-month free add-on to the purchase.)

"Every day, there are more forecasts suggesting gold will find levels of $3,700-$3,800 an ounce," said a trader. "If those forecasts are proved right, shoppers can start investing in physical gold with a delivery date in 12 months."

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.