Buy now or wait? Gold price fall puts UAE buyers in a spot

Buy now or wait? Gold price fall puts UAE buyers in a spot

Dubai: Should gold buyers in the UAE delay purchases expecting gold to reach $1,680 an ounce levels? Even $1,650? Or would they find prices have again shot up towards $1,800 levels? This is the dilemma facing shoppers as gold sales in the UAE enjoy a second week of high demand and steadily dropping prices. If last week $1,750 looked like a good price to buy, those shoppers who remained patient are early on Friday staring at the prospect of picking up the metal and its jewellery variations at $1,713. The Dubai Gold Rate is at Dh193.75 for 22K and likely to drop further when the first rate for the day is announced after 8am. “Shoppers have learnt their lessons from the way gold prices have performed since January 1, 2020,” said a retailer. “It’s been a fortnight of solid sales, but we feel there could have been more. But a lot of shoppers are taking a wait-and-watch.” The favoured option for shoppers willing to wait is booking for a purchase a month from now. Or two months, depending on their equation with the retailer. Any further price drop on the day of their purchase will also pass on to them.