Dubai: This Diwali, gold purchases will be the best in three years thanks to the most recent price reduction. Gold purchasers in the UAE have received a much-needed boost as this approach is the pivotal weekend before Diwali on October 24. The UAE gold rate has fallen to a year-low of Dh184.50 for a gram of 22K. Last night, it was Dh185.75.
A Dh1 plus price cut may not seem like much in absolute terms, but it has a greater psychological impact. A jewelry retailer remarked, “Those who were debating whether to buy gold this Diwali get a timely reminder and those who are buying gold might utilize this dip to add to their ultimate cost.” “Many jewelers have already eliminated their making fees, in addition to the cashback and gold coin promotions.
“So, the gold buyer is actually getting more than the Dh184.50.”
The Indian holiday of Diwali is one of the busiest times for purchasing gold in the UAE, and in the previous two years, the price of gold during this time was Dh215.50 (in 2020) and Dh204.25 (in 2021).
It is 3 days to Diwali and UAE shoppers get a gift – gold drops to a year’s low of Dh184.5/g
Consumers in the UAE should continue to monitor changes in bullion prices. After falling from overnight highs of $1,644 an ounce, it is now trading at $1,619 an ounce. A commodity analyst stated, “The tendencies at this time are for $1,610, but there is no knowing for sure.” “Things can significantly change in the hours leading up to the weekend market close.”
