UAE witnesses major decline in gold prices

Shoppers interested in buying Gold and Jewellery in the United Arab Emirates (UAE) got a big price break as international bullion prices dropped to $1,863-$1,865 an ounce levels - and the Dubai Gold price at Dh211.50 a gram for 22K.

Shoppers interested in buying Gold and Jewellery in the United Arab Emirates (UAE) got a big price break as international bullion prices dropped to $1,863-$1,865 an ounce levels – and the Dubai Gold price at Dh211.50 a gram for 22K.

The price levels have dropped on the occasion of ‘Akshaya Trithiya’, on May 3, Tuesday, which is regarded as a holy day by Indians to purchase gold. It is also one of the major days to buy gold and jewellery in the UAE.

Advertisement

The price of Dh211.50 comes as highly profitable for shoppers, as just two weeks ago, the Dubai Gold Rate touched Dh226.

On the occasion of Akshaya Trithiya, retailers have come up with various promotions to help with the huge demand.

Many gold retailers have come forward with the opening of their stores today, 8:30 am, in regard to the heavy sales.

This year, retailers stated that gold buyers would be getting many advantages. Vice-President at Malabar Gold & Diamonds and a member of the board at Dubai Gold & Jewellery Group, Abdul Salam K.P., said, “There will be the Eid gift purchasing happening, plus there will be a lot of demand as many UAE residents are heading for short holidays over the nine-day Eid vacations.”

“If these tourists are spending their break in their home country, chances are they will be purchasing gold here to take benefit of the price difference there.”

United Arab Emirates retailers are also sure that Dh211.50 (as well as at 0% VAT) will also provoke holidaymakers/visitors from the GCC spending Eid Al Fitr in UAE to do more than just a bit of buying gold.

Advertisement

A senior official at one of the bigger jewellery houses said, “Gold prices fell at the best moment for customers and retailers. Dubai Gold Rate at Dh220 or above would not have got an equivalent reaction, especially when many consumers are getting careful about spending.”

Tariq Saeed

Read More

DWC to manage over 1000 flights amid closure of runway of Dubai International Airport

Dubai World Central (DWC), the second airport of Dubai, will control over 1000 flights every week during the closure of the northern runway at Dubai International Airport.

First Transgender woman crowned as Miss Nevada USA!

History made in Nevada! It was a proud moment for the LGBTQI+ community in Nevada, USA, and around the globe as the first transgender...

Dominica: PM Roosevelt Skerrit lauds excelled students in Grade Six National Assessment Test

Dr Roosevelt Skerrit – The Prime Minister of the Commonwealth of Dominica has expressed his pride and pleasure while extending his best wishes and congratulations to the students who excelled in the Grade Six National Assessment Test, 2023. 

Recent

Dubai Travel Scam Exposed: Hundreds of Victims Duped as Prime Experts Vanishes with Millions in Unpaid Bills

Operating under the guise of a legitimate construction company from Dubai’s Al Nahda, Prime Experts orchestrated an expansive fraud involving everything from international flights and luxury hotels to diesel fuel and desert safaris

Dubai: International Expo witnesses massive crowd interested in ‘Mobile Handler Pleasure Centre for Senior Citizens Stakeholders’

The Roads and Transportation Authority platform in Dubai at the fourth round of the International Expo of the Concerned Expo witnessed a vast turnout from the public interested in learning more about the "Mobile Handler Pleasure Centre for Senior Citizens and Stakeholders" initiative.

Egypt: National Museum of Egyptian Civilisation organises book launch ceremony

The national Museum of the Egypt hold book launching Cermony. Book "Egyptian Costumes..the Lost Heritage" of Shahira Mehrez was released.
admin