Dubai: The Dubai Gold Rate has just hit a new all-time high – of Dh365.25 for a gram of 22k – after relative price stability in the previous 24 hours. In fact, with the last few hours alone, the local gold price has surged Dh6.75 a gram over yesterday’s rate of Dh358.5.
It was April 3 that the Dubai gold rate crossed Dh350 for the first time.
The lowest point for Dubai gold price in the last 30 days was Dh335.25 on March 21. In other words, a Dh30 rise between then and today.
“These days, there is no such thing as global commodity prices remaining within a certain range over a day,” said a jewellery retailer. “A change of $10-$50 on an ounce basis is happening every few hours. This is what’s being reflected in the Dubai gold rate too.
“Shoppers have not seen anything like this – usually price increases or drops are in the range of Dh2-Dh3 from overnight positions. This near Dh7 jump is incredible.”
So, in the global markets, gold is now at $3,267 an ounce, and looking good to make a clean break for $3,300. Currently, the safe haven asset is higher by a near $60 dollars over yesterday.
On Monday and Tuesday, gold price movements had been within a set pattern. In the UAE, it meant there was just a Dh1 rise during the period.
And now, to see a spike by a near Dh7 is quite the jolt.
Gold price rise and ‘Akshaya Trithiya’
What will trouble gold shoppers and jewellers alike is that these price surges are happening closer to the Indian festival of ‘Akshaya Trithiya’ on April 30, and considered to be an auspicious day to buy assets. Through the years, it’s been one of the biggest gold buying days in the UAE retail calendar.
“Sure, there will be Indians buying gold on April 30, 2025 – but we are concerned whether there will be the usual number of shoppers turning up in UAE gold stores this year,” said a jeweller “Some have pre-booked to lock prices, but the vast majority were hoping they would get some price break before April 30.”
They certainly aren’t getting that price drop today. At least so far today.
