Dubai Gold Rate May Drop Below Dh370 After Ceasefire

  Photo:Reuters

The price of gold in Dubai could soon go below Dh370 per gram if the recent ceasefire between Israel and Iran holds strong. Gold prices had gone up earlier due to fear and uncertainty caused by the conflict in the Middle East. But with both sides agreeing to stop fighting, markets are showing signs of settling down.

On Monday morning, the Dubai gold rate was Dh374.25 for 22K gold. If peace continues, prices may come down to Dh368 or even lower, say jewellery traders in the city. Many people are now waiting and watching before buying, hoping for a better price soon.

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Experts say that international gold prices have also dropped a bit, with rates going down to $2,316 an ounce. If this trend continues, Dubai shoppers could benefit, especially during the summer months when demand is lower.A gold trader in Deira said, “If the ceasefire remains and oil prices also stay stable, we can expect gold to go below Dh370 soon. Many buyers are ready to invest once the price drops.”

Gold buyers in Dubai usually respond quickly when prices fall. Since gold is a popular investment and gift option in the UAE, any small change in price makes a big difference to shoppers.So, if you are planning to buy gold for investment or an upcoming event, this might be a good time to keep a close eye on the rates.