• Menu
  • Menu
  • Business
  • Subscribe now
    Digital subscription Print+Digital (Bundle) ePaper
  • Logout
Digital subscription
Print+Digital (Bundle)
ePaper
Trending
UAE holidays Videos Classifieds Credit Card Deals
  • Latest News
  • UAE
    • People
    • Science
    • Government
    • Education
    • Crime
    • Emergencies
    • Environment
    • Health
    • Transport
    • Weather
    • Ask the Law
  • Living In UAE
    • Visa+Immigration
    • Housing
    • Phone+Internet
    • Banking
    • Transport
    • Health
    • Education
    • Relocate
    • Reader Queries
    • Safety+Security
  • Business
    • Banking & Insurance
    • Aviation
    • Property
    • Tax News
    • Corporate Tax
    • Analysis
    • Travel & Tourism
    • Markets
    • Retail
    • Corporate News
    • Tech
    • Auto
  • Best Buys
    • Electronics
    • Home and Kitchen
    • Offers
    • Consumables
    • Lifestyle
  • Your Money
    • Saving and Investment
    • Budget Living
    • Taxation
    • Expert Columns
    • Community Tips
    • Cryptocurrency
  • Food
    • Cooking and Cuisines
    • Guide to Cooking
    • Food Show
    • Videos
  • Friday
    • Beauty
    • Wellbeing
    • Art & People
    • Home
    • Friday Partner
  • Games
    • Daily Crossword
    • Sudoku
    • Word Search
    • Spell It
  • Podcasts
  • World
    • Gulf
      • Bahrain
      • Kuwait
      • Oman
      • Qatar
      • Saudi
      • Yemen
    • Mena
    • Europe
    • Africa
    • Americas
    • Asia
      • India
      • Pakistan
      • Philippines
    • Australia-New Zealand
    • Corrections
  • Opinion
    • Columnists
  • Special Reports
  • Things To Do
    • Events & Concerts
    • Bars, Clubs & Pubs
    • Cafes, Restaurants & News
    • Going Out
  • Parenting
    • Pregnancy & Baby
    • Learning & Play
    • Child Health
    • For Mums & Dads
    • Ask Us
    • Games
  • UAE Success Stories
  • Photos
  • Sport
    • UAE Sport
    • Cricket
      • IPL
    • Motorsport
    • Football
      • Premiere League
    • Tennis
    • Golf in UAE
      • UAE
      • World
      • Photos & Videos
      • Course Reviews
      • Learn to Play
      • Gear
    • Olympics
  • Entertainment
    • Hollywood
    • Bollywood
    • South Indian
    • Music
    • OTT
  • Auto
  • Lifestyle
    • Health+Fitness
  • GN Reach
  • Tech
    • Electronics
    • Gaming
    • Media
  • Videos
    • Best Of Bollywood
    • News
    • Entertainment
    • Business
    • Sport
    • Community
  • Special Features
    • Supplement eBook
  • The Kurator
    • Life
    • Luxury
    • Style
  • Gold-Forex
  • Gratuity Calculator
  • Notifications
  • Coupons
  • Gold/Forex
  • Prayer Times
  • ePaper
  • GN Store
  • About Gulf News
  • Contact us
  • Work with us
  • Terms and Conditions
  • Privacy Policy
  • Advertise with us
  • Reach by GN
  • GN Focus
  • Gulf News epaper
  • Sitemap
  • Have your say
  • Printing Services
    • © Al Nisr Publishing LLC 2024. All rights reserved.
    Dubai Gold Rate drops Dh8 a gram in one day - and shoppers get interested

    Photos

    Login / Sign Up
    Logout
    Sunday, December 22, 2024
    Gold / Forex

    Photos Business

    All Sections

    Dubai Gold Rate drops Dh8 a gram in one day - and shoppers get interested

    Will gold prices remain under pressure and drop below Dh200/gm is million dollar question

    Published:  June 18, 2021 09:19 Last updated:  June 18, 2021 10:09 Manoj Nair, Business Editor
    Follow us
    1 of 10
    Stock - Dubai Gold
    Dubai: UAE gold shoppers responded immediately to prices dropping below $1,800 an ounce on Thursday (June 17), and with the Dubai Gold Rate sliding by nearly Dh8 a gram for 22K. It is the first time since end March that gold has come under pressure. Image Credit: Virendra Saklani/Gulf News
    2 of 10
    Stock - Dubai Gold
    “There was a 10 per cent increase in shopper numbers on Thursday from a week ago – and all of it had to do with the all-day decline in gold prices,” said Abdul Salam K.P., Executive Director at Malabar Gold & Diamonds. Image Credit: Virendra Saklani/Gulf News
    3 of 10
    Stock - Dubai Gold
    Others in the local gold and jewellery market are equally hopeful that shoppers will return if gold remains in the sub-$1,800 levels, and could rise sharply if the local rate declines to Dh190-Dh195 a gram. Image Credit: Virendra Saklani/Gulf News
    4 of 10
    Stock - Dubai Gold
    “Typically, UAE gold shoppers check whether prices will drop further for a second consecutive day before deciding whether to buy then or later,” said a retailer. “This time, if Friday sees more declines to $1,770-$1,775 levels, we can expect a decent turnout for the weekend.” Image Credit: Virendra Saklani/Gulf News
    5 of 10
    Stock - Dubai Gold
    Gold is now at $1,785, while the Dubai Gold Rate is Dh203 a gram. Early on Friday, it was showing some strength, gaining $8 an ounce in the international markets. Image Credit: Virendra Saklani/Gulf News
    6 of 10
    Stock - Dubai Gold
    The immediate reason for Thursday’s drop was the US move to increase its interest rate, and which led the dollar to strengthen. Higher interest rates are always a signal for global investors to move away from ‘safe haven’ assets such as gold and chase better returns elsewhere. Image Credit: Virendra Saklani/Gulf News
    7 of 10
    Stock - Dubai Gold 1
    The lowest Dubai Gold Rate so far this year has been the Dh191.75 a gram on March 31. That was also the last time UAE gold shoppers engaged in some fairly decent buying activity. Image Credit: Virendra Saklani/Gulf News
    8 of 10
    Stock - Dubai Gold
    But the times are such that buying patterns are changing. “In past years, summer would always see increased activity before Subcontinent residents headed for their vacations,” said Salam. “This year – and in 2020 too – a lot of them will remain in the UAE because of the COVID-19 related flight situation. Would this prompt them to buy less gold?” Image Credit: Virendra Saklani/Gulf News
    9 of 10
    Stock - Dubai Gold 1
    Should the gold drop continue in coming days, those residents not taking a trip could well use those savings to stock up on gold. A drop to under Dh200 a gram for 22K is what they should be looking for. Image Credit: Virendra Saklani/Gulf News
    10 of 10
    Stock - Dubai Gold 1
    If they get lucky, a drop all the way to Dh190 could also be a possibility. That’s when jewellery retailers will get all the sales sparkle they want. Image Credit: Virendra Saklani/Gulf News

    Trending

    • 31 actors in Hollywood with Arab roots

      31 actors in Hollywood with Arab roots

    • Airport looks to ape, Bollywood edition

      Airport looks to ape, Bollywood edition

    • What differentiates the Dishdasha from the Kandora?

      What differentiates the Dishdasha from the Kandora?

    • World's Coolest Winter: Best hiking trails in the UAE

      World's Coolest Winter: Best hiking trails in the UAE

    • Celebrity anti-vaxxers who died of COVID-19

      Celebrity anti-vaxxers who died of COVID-19

    • COVID 19: Italy's empty quarters

      COVID 19: Italy's empty quarters

    Latest In

    • New guide on school health in UAE: What it covers

      1 hour ago

    • Trump taps 'Apprentice' producer as special envoy to UK

      1 hour ago

    • UAE weather alert: Rain expected, temperature to dip

      1 hour ago

    • Usyk defeats Fury in heavyweight championship rematch

      1 hour ago

    • Dubai fully prepared for holiday rush at airports

      1 hour ago
    Go back to top
    Network links:
    • GN Store
    • About Gulf News
    • Contact us
    • Work with us
    • Terms and Conditions
    • Privacy Policy
    • Advertise with us
    • Reach by GN
    • GN Focus
    • Gulf News epaper
    • Sitemap
    • Have your say
    • Printing Services
    Find us on Social
    © Al Nisr Publishing LLC 2024. All rights reserved.
    This website stores cookies on your computer. These cookies are used to improve your experience and provide more personalized service to you. Both on your website and other media. To find out more about the cookies and data we use, please check out our Privacy Policy.
    Share on Facebook
    Share on Twitter
    Share on Whatsapp
    Share on Mail
    Share on LinkedIn
    Copy link
    Follow on Whatsapp
    Follow on Google
    Follow on Telegram
    Close
    Gulf News

    Get Breaking News Alerts From Gulf News

    We’ll send you latest news updates through the day. You can manage them any time by clicking on the notification icon.

    Subscribe No Thanks