UAE gold retailers launch Summer offers – will shoppers go for it as prices rise again?

UAE gold retailers launch Summer offers – will shoppers go for it as prices rise again?

Dubai: UAE gold retailers have launched a series of promotions hoping to pick up last-minute buying before residents fly home for summer. Rather than straight discounts, the typical offer provides free gold coins if the buying crosses a certain level on gold or diamond jewellery purchases. The idea is that shoppers will be convinced by the relatively softer gold prices and the fact that currency values have dropped against the dirham/dollar in their own countries in recent weeks. “Whether it’s the Indian or Pakistan rupees, they are at or near all-time lows against the dollar,” said a gold retailer. “Buying gold in the UAE thus offers the benefit of currency advantage for expats here.” Early on Monday (June 27), one advantage that these retailers are hoping has receded. Gold had closed Friday last in the mid-$1,820s for an ounce. Today, the price is firming up at $1,838 as news filter through about the US and others putting ban Russian gold exports. “Any time there is a shortage created on any commodity supplies will raise prices,” said a commodity analyst. “Gold is just the latest to feel the impact of Russia-Ukraine.” The closing Dubai Gold Rate on Sunday was Dh207.75 a