Gold slips up to Dh4: Will UAE shoppers see a bigger drop before Eid Al Adha?

Dubai: Gold prices in the UAE slipped by as much as Dh4 today—and that may not be the end of it. With global prices continuing to ease, UAE shoppers could see gold become slightly more affordable in the days ahead, possibly even before the Eid Al Adha rush.

As of today, retail gold prices in the UAE have slipped up to Dh4. It was Dh400.75 per gram for 24-karat gold, with 22-karat gold at Dh371.00, while 21-karat gold was Dh355.75, and 18-karat gold traded at Dh305.00 per gram. Check live gold rates here.

After climbing past Dh370 for 22K gold, prices had hovered there for days. Earlier this month, shoppers saw Dh359 per gram levels—something now seeming like a missed opportunity. With speculation around upcoming tariffs building up, any renewed rally could easily push prices back toward Dh380, putting pressure on those holding out for Eid offers.

Many buyers in the UAE are staying on the sidelines, hoping upcoming Eid promotions will bring better value. However, retailers caution that any discounts on making charges could be offset if global bullion prices reverse direction.

Jewellery stores say that price levels between Dh365–Dh370 per gram would feel more “reasonable” for budget-conscious shoppers. It wasn’t too long ago that Dh350 was being touted as a strong buying range, showing just how fast sentiments shift in this market.

Over the weekend, many jewellery outlets in Dubai reported reduced footfall, even from tourists. The Dh375-per-gram mark seems to have dampened buying momentum, despite exchange offers and festive marketing. Retailers admit that the promotions are yet to spark the kind of response seen during past holiday periods.

With Eid Al Adha fast approaching, jewellers are expected to double down on making charge discounts in a bid to reignite interest. They believe this could help convince shoppers that the current price jump is not here to stay.

Gold is trading lower on global markets, with the latest slide linked to a shift in geopolitical tone. Investor demand for gold as a safe-haven asset took a hit after signs emerged that the U.S. may be softening its trade stance with Europe. This potential easing of trade tensions has reduced some of the urgency among buyers seeking safety in gold.

Bullion is currently priced around $3,335 an ounce—down 0.6% from recent levels. That’s still significantly higher than earlier this year, driven by concerns over U.S. government spending and credit ratings after Moody’s downgraded the country’s outlook.

While the threat of tariffs previously drove gold to multi-year highs, recent delays in policy moves are now causing prices to cool. Still, analysts say the long-term outlook for gold remains mixed, especially as traders watch key U.S. economic data due later this week.

U.S. financial markets are closed today for Memorial Day, but trading volumes are expected to pick up by midweek, possibly setting the next direction for gold prices globally—and here in the UAE.