Gold Prices Drop in Dubai, Shoppers Rush to Buy Amid Sudden Dip
Gold shoppers across Dubai are taking full advantage of an unexpected drop in gold prices, with jewellery stores witnessing a surge in demand. The price of 24K gold, which reached AED 392 per gram on Tuesday evening, fell to AED 388 per gram by Wednesday morning. Similarly, 22K gold prices slipped from AED 362 to AED 359 per gram, prompting buyers to act swiftly before any potential price rebound.
According to local gold market analysts, the overnight dip has led to increased footfall in Dubai’s renowned gold souks and jewellery outlets. As of May 14, global gold prices were pegged at USD 3,231 per ounce, fueling speculation among shoppers that rates may rise again soon.
Retailers confirmed a notable uptick in purchases as residents and tourists alike flocked to buy gold while prices remain favourable. With the wedding season, Eid Al Adha, and summer gifting around the corner, the timing of the drop has proven ideal for many.
