Gold jewellery prices stayed steady on Tuesday morning, following a sharp decline the day before. On Monday, prices fell by Dh4.5 per gram. This drop came as global gold prices slipped below the $4,400 per ounce mark.
By 9 A.M. UAE time, 24K gold traded at Dh409.0 per gram. This showed a small gain from Dh408.5 at the previous market close. However, it still marked a decrease from Dh413 per gram at Monday’s opening.
Despite the slight rebound, gold jewellery prices remain under pressure. Investors continue to watch global trends closely. The sharp drop in gold prices caused concern across jewellery markets. Retail buyers responded with caution, waiting to see further price stability.
Meanwhile, international gold markets showed weakness due to several factors. First, the U.S. dollar gained strength recently, which often leads to lower gold prices. Second, strong stock markets pulled investment away from precious metals. Third, ongoing uncertainty about central bank policies added more volatility.
Still, gold jewellery prices in the UAE remain attractive for shoppers. Many buyers view this dip as a good opportunity. During such times, residents and tourists often visit gold souks to buy jewellery.
Jewellers also noticed increased footfall after Monday’s drop. Retailers believe more stable prices could encourage bulk buying ahead of travel and events. Moreover, traders expect demand to rise further if prices remain near current levels.
On the other hand, gold jewellery prices market analysts advise caution. They note that gold prices could remain volatile in the coming days. Global data releases, especially from the U.S., may trigger sharp moves. For that reason, both investors and consumers are keeping a close eye on market news.
Furthermore, jewellers continue to adjust pricing based on daily international rates. This practice ensures competitive pricing for consumers in the UAE. Additionally, price shifts in global markets can impact daily retail rates directly.
Overall, the situation remains fluid. Gold jewellery may bounce back or dip again based on international movements. Therefore, experts suggest watching the market closely before making large purchases. Gold jewellery prices held steady after a major drop. Slight recovery and strong local interest could drive short-term demand.
