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.

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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.

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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

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