Gold prices in Dubai have slipped below the AED 500-per-gram mark, prompting UAE consumers to rethink jewellery purchases. Retailers say shoppers are using the price correction to buy heavier pieces, add extra items or purchase gold they had previously postponed. The shift comes after gold prices touched much higher levels earlier in September.
On September 29, 24-karat gold was priced at AED 497.25 per gram in Dubai, while 22-karat gold stood at AED 460.50. The 24K rate had opened at AED 505.50 a day earlier. The latest price was also AED 44.75 below the September 3 peak of AED 542 per gram.
The decline created an opportunity for buyers with fixed budgets. Reportedly, some shoppers are increasing the weight of their jewellery or adding another piece to their purchase. Retailers also report interest from first-time buyers and consumers who had delayed purchases while prices remained elevated.
The latest buying pattern reflects a broader trend in the UAE gold market. Consumers have increasingly tracked daily rates and adjusted the weight, design and type of gold they purchase instead of abandoning their plans.
The Dubai price correction follows a sharp decline in international gold prices. Reuters reported, “Spot gold fell as much as 4% on September 28, reaching its lowest level since early August. Rising US Treasury yields and expectations of another Federal Reserve rate hike reduced the appeal of the non-yielding metal.”
By September 30, Dubai's 24K rate had recovered slightly to AED 501.25 per gram, while 22K gold was at AED 464.25. This quick rebound highlights the volatility facing buyers. Experts suggest monitoring prices closely, particularly as weddings, festivals and gifting events support jewellery demand.
Also Read: Dubai Gold Price Today: 24K Recovers to AED 503.50 Per Gram