GOLD PRICES DROP AHEAD OF DIWALI: Gold prices in the UAE have hit a seven-month low at $1,875 an ounce, providing an early opportunity for shoppers to secure prices before Diwali in November. In local terms, the price for 22K gold has dropped to Dh210.25 from Dh211.5 per gram. Major gold and jewellery retailers are likely to promote price lock-in options to entice buyers. While there’s uncertainty about further price drops, history shows that dips tend to be followed by increases, often surpassing $1,900. Locking in today’s prices ensures buyers get the same rate for their purchase within the next 30 days, even if prices rise. This drop could boost demand for Diwali festivities, a peak buying period for gold and jewellery in the UAE. (By Dhanusha Gokulan, Chief Reporter)
Virendra Saklani/ / Gulf News