Gold in Dubai: Shoppers still waiting as dips not enough to spark a buying rush

Dubai: After holding above Dh370 for over a week, gold prices in the UAE may have edged down — but the current price level is not quite far enough to bring shoppers flooding back into jewellery stores.

On Tuesday morning, the Dubai Gold Rate for 22K dropped to Dh366.75 per gram, marking a Dh3.25 fall from previous highs. This takes prices back to where they were on June 30, but still just a touch above the recent monthly low of Dh365.50.

So, is this the buying opportunity gold fans have been waiting for? Not quite.

Jewellery buyers in the UAE have become highly price-sensitive in 2025, especially after gold spiked to record highs earlier this year. Based on current shopper patterns, anything in the Dh350-Dh360 range is when serious buying interest tends to return. For now, many buyers are still playing the waiting game.

Gold prices stayed low a day after dropping over 1% globally, to just under $3,311 an ounce, when US President Donald Trump hinted at more talks while keeping new 25% tariffs on the table. These will affect major markets including Japan and South Korea but have been delayed until August 1 — giving a short window of relief to global markets.

This geopolitical uncertainty continues to push and pull gold prices, and even modest shifts in global bullion can make a difference of Dh5 or more per gram in Dubai retail rates.

As of today, 22K gold in Dubai is selling at Dh366.75 per gram, while 24K gold is priced at Dh396.25 per gram. These rates reflect the current retail prices at major jewellery outlets across the emirate. (Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait.)

While these prices offer a slight reprieve, it’s not yet the sweet spot for bulk buying — especially with Eid shopping demand already behind us.

If you're planning to make a gold purchase in Dubai soon, it’s a good idea to keep a close watch on global rates.

A drop to $3,240-$3,250 per ounce could push Dubai's 22K price closer to the Dh360 level — a range that has historically triggered higher footfall and festive buying.

With international trade tensions, currency moves, and central bank gold hoarding still influencing prices, Dubai buyers may get more chances this summer.

For now, gold lovers might want to stay patient — the next price dip could be just a headline away.