In a surprising turn of events for gold buyers, global gold prices have dropped by another $60, bringing the rate down to $2,617 per ounce. This unexpected decline follows a rapid fall from an all-time high of $2,790 per ounce, which was reached just before the US Presidential election in early November. By 12:30 p.m. UAE time, the price had dipped even further to $2,602.97, creating favorable buying conditions throughout the UAE.
As a result, the UAE gold rate for 22-karat gold has fallen to Dh293.50 per gram, marking a significant change in just over 10 days, during which prices have already decreased by Dh16 per gram. This drop has taken local shoppers and tourists by surprise, but it also offers a perfect opportunity for jewelry exchanges and purchases.
UAE Shoppers Seize the Moment
For many residents and visitors in the UAE, the lower prices have reignited interest in gold jewelry. Retailers in areas like Dubai’s Deira Gold Souq are noticing an increase in demand, as customers look to take advantage of the price drop. With wedding season approaching and gold being a traditional investment, many families are seizing the opportunity to buy or exchange jewelry pieces, ensuring they secure value before prices change again.
What Lies Ahead for Gold Prices?
Analysts believe that market uncertainties, especially following the US election, have played a role in the swift decline of gold prices. For now, however, the focus for UAE shoppers is on enjoying this unexpected break from the gold market, as the retail scene in the UAE braces for a surge in foot traffic and spending during the shopping season.
