International gold prices have dropped by more than $30 overnight to $1,811 an ounce, opening up a clear opportunity for shoppers in the UAE, domestic and tourists to make a few purchases. The current price is actually the lowest gold has been since the start of the year, and could come under more pressure in the coming days.
“It will be good to see if UAE shoppers return after today’s price drop – they had been quiet all through the last two months with gold at $1,850 and plus levels,” said a jewellery retailer. “We can be confident that tourists in Dubai and UAE will immediately respond to this drop. Everything will hinge on the first UAE gold rate of the day.”
Gold retailers agree that anything close to Dh200 a gram will set off a buyer rush going by trends in the past. The lowest point for gold in the last 6 months was $1,626 in late October. The UAE gold rate was around Dh185 a gram level during that phase.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
“It will be good to see if UAE shoppers return after today’s price drop – they had been quiet all through the last two months with gold at $1,850 and plus levels,” said a jewellery retailer. “We can be confident that tourists in Dubai and UAE will immediately respond to this drop. Everything will hinge on the first UAE gold rate of the day.”
Gold retailers agree that anything close to Dh200 a gram will set off a buyer rush going by trends in the past. The lowest point for gold in the last 6 months was $1,626 in late October. The UAE gold rate was around Dh185 a gram level during that phase.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
