Dubai markets opened the week with a noticeable gold price drop. The decline quickly drew attention from shoppers and investors. Moreover, the timing aligns with the upcoming Akshaya Tritiya festival. As a result, buyers are exploring better-value jewellery options.
On Monday morning, 24K gold prices moved lower by Dh3.25 per gram. The new rate settled at Dh569.0 per gram. At the same time, other categories followed the downward trend. For example, 22K gold reached Dh526.75 per gram. Meanwhile, 21K gold dropped to Dh505.0 per gram. In addition, 18K and 14K gold declined to Dh433.0 and Dh337.75.
The gold price drop followed rising geopolitical tensions in global markets. In particular, new developments involving the United States influenced investor sentiment. Consequently, traders reacted with caution, leading to price adjustments. However, analysts continue to monitor the situation closely.
At the same time, retailers in Dubai expect stronger activity due to the festive season. Akshaya Tritiya traditionally drives higher gold purchases. Furthermore, Dubai remains a major global hub for gold trading. Because of its diverse population, demand increases significantly during this period. Therefore, current pricing trends could encourage more buyers.
Jewellers have already responded with competitive offers. Many stores reduced making charges to attract early shoppers. Additionally, several retailers introduced discounts on selected collections. As a result, customers now find more appealing deals across the market.
Globally, precious metals also showed signs of weakness. Spot gold declined by 0.56 percent to $4,721.94 per ounce. Similarly, silver prices slipped nearly two percent to $74.44 per ounce. These movements reflect broader uncertainty in international markets.
Experts suggest that market conditions remain mixed. Although gold maintains long-term strength, short-term fluctuations continue. Inflation concerns and economic outlooks still influence investor behavior. Therefore, prices could shift again in the coming days.
The gold price drop offers a timely opportunity for buyers. With Akshaya Tritiya approaching, demand may increase quickly. Consequently, shoppers may act before rates move upward again. For now, the market continues to attract attention across Dubai.
