UAE gold prices dip again: Bigger bargains possible before Eid Al Adha

28/05/2025 02:14 AST

Gold prices in the UAE dropped for a second straight day on Tuesday, raising hopes among shoppers that they may see better deals before the Eid Al Adha buying rush.

With global prices falling by $45 on Tuesday, retail gold rates in the UAE declined again after dropping by up to Dh4 per gram. But the declines are not expected to end there, with bigger drops awaited in the days to come.

As of today, retail gold prices in the UAE have slipped up to Dh5. It was Dh397.50 per gram for 24-karat gold, with 22-karat gold at Dh368.25, while 21-karat gold was Dh353.00, and 18-karat gold traded at Dh302.50 per gram. Check live gold rates here.

Tracking global market
This recent dip follows global market movements. The price of gold slipped below $3,300 per ounce after the US dollar regained some strength and demand for haven assets cooled. Market watchers also noted that trade tensions between the US and EU have eased slightly after the US extended its tariff deadline on European imports to July 9.

Traders say these developments have removed some pressure from gold prices for now. Many analysts believe the dollar's recovery could continue, which usually leads to softer gold prices worldwide.

For UAE residents, especially those who delayed gold purchases in hopes of a drop, this correction could bring some relief. Earlier this month, 22K gold touched Dh359 per gram-a rate many shoppers are now eager to see return before Eid-related promotions pick up.

Sales drop
Despite the upcoming Eid holidays typically being a strong period for gold sales, Dubai's gold retailers report a steady decline in demand since May 20. That was the day 22K gold jumped from Dh360.25 to Dh367.25 in a single day. It later crossed Dh370, peaking at Dh374.75 on May 24 and 25.

In the past week, jewellers say sales have been among the weakest this year-second only to early April when prices briefly shot up due to US tariff news. Retailers estimate pre-Eid gold spending is down by 20% to 25% compared to usual seasonal patterns.

Whether prices dip further before Eid depends on how global markets move in the coming days. But for now, UAE shoppers may finally see gold becoming a bit more affordable at just the right time.

Khaleej Times