Dubai gold rates drop to lowest since July 2020. Jewellery retailers expect busy weekend if prices slip further.
Dubai , Dubai
19 February 2021, 12:00 AM
28 February 2021, 12:00 AM
Gold rates have just fallen to their lowest levels since July 2020, giving shoppers in the UAE more opportunities to score some bargains.
The Dubai Gold Rate opened today (February 18) at Dh203 a gram for 22K, as international prices of the metal remain under pressure. Bullion dropped below $1,800 an ounce in recent days and is now at $1,783 (10.23am UAE time).
In recent weeks, demand has been steady, though with lower volume of purchases.
Cyriac Varghese, General Manager at Sky Jewellery said, “It’s too early for the price drop to start reflecting on UAE consumer demand, but we are hearing a lot of talk from among likely customers that prices are turning favourable.”
“All gold retailers will be hoping this show in actual sales during the next two days,” he added.
Shoppers may yet take a wait-and-watch approach, on expectations that gold prices will slip to Dh200 a gram and further.
The last time gold prices were deemed as being truly shopper-friendly was on January 1, 2020, when the local rate was at Dh172 a gram.