As gold drops below $2,000 an ounce, UAE gold shoppers get a big break for ‘Akshaya Trithiya’

As gold drops below $2,000 an ounce, UAE gold shoppers get a big break for ‘Akshaya Trithiya’

Dubai: Shoppers in the UAE heading to a gold and jewellery store today (April 22) for their ‘Akshaya Trithiya’ purchases have got themselves a good break – gold prices dropped by more than $20 yesterday to close below $2,000 an ounce. It is currently at $1,983. In the UAE, the gold rate for today is at Dh221.25 for 22K – and that’s just over Dh8 lower from a week ago. In addition, local gold retailers have padded up their promotions with offers of gold coins, cashback schemes, and cuts on making charges (of up to 25 per cent) in convincing shoppers it still makes sense to buy now. (Also, given the prevailing gold rates, exchange schemes too are promoted heavily.) But have gold prices cooled enough to bring shoppers back at levels typically seen on Akshaya Trithiya? “Shoppers are not staying away from gold this Akshaya Trithiya – buying gold is a tradition they have been used to and they will this year as well,” said Abdul Salam K. P., Vice-Chairman of Malabar Gold & Diamonds. “Plus, there is an acceptance that gold prices could remain higher for longer. The initial resistance shown when gold was trading at $2,000 plus