Gold price in Dubai nears all-time high at Dh382.75 per gram—just Dh1 below record levels—as shoppers and retailers brace for festival season challenges.
Dubai is experiencing another significant gold surge. The Dubai gold price near all-time high for 22K gold has surged to Dh382.75 per gram, placing it just Dh1 below the record high seen earlier this year.
This unexpected bump—an increase of nearly Dh3 in a single stretch—comes at a sensitive time. With the South Indian festival season around the corner, retailers are bracing for potential challenges in jewellery sales. A jewellery retailer shared that forecasts had anticipated prices to drop to Dh370, or even Dh365-Dh366, in time for Onam. Instead, the spike to Dh380+ is causing anxiety among sellers.
On the global front, gold markets remain energized. Recently, gold prices shot up by approximately USD 30 per ounce, closing the week at USD 3,447/oz. The anticipation of a U.S. Federal Reserve interest-rate cut in mid-September is driving renewed investor interest in gold as a safe-haven asset.
Retailers are now watching upcoming festival demand closely. If gold remains at or above Dh380, many fear that jewellery sales for festive seasons like Onam and Diwali could suffer significantly. The hope is that global gold prices will stabilize by late October, allowing for a potential rebound in consumer buying ahead of Dhanteras and Diwali.
Source: Gulf News
