Dubai Gold Rate drops back to under Dh200/g, setting up some high weekend buying

Dubai Gold Rate drops back to under Dh200/g, setting up some high weekend buying

Dubai: The Dubai Gold Rate has once again dropped below Dh200 a gram for 22K, opening up a slight window of opportunity for jewellery retailers in the UAE. The rate is currently at Dh199.50, while in the past 10 days, the price had even hit Dh205.25. “Each time the local rate drops under Dh200, the calls start to come in,” said a retailer. “We hope to see shoppers turning up this evening at the stores, mostly Indian shoppers because of the festivals next month. A lot of shoppers with an intent to buy will wait to see if there will be further drops.” In the global commodity markets, gold is at $1,756 an ounce, having shed more than $20 in the last 48 hours. It was on July 7 that gold dipped below Dh200 after months of high gold prices, and which accelerated after the Russia-Ukraine conflict was set off late February. In between, worries about inflation too played a part in sustaining gold prices. But between July 7 to July 29, gold remained under Dh200, dropping to Dh192 levels at some point. This ensured July was one of the best performing months for the UAE gold and jewellery sector,