Dubai: UAE gold shoppers have finally got some respite on prices as the local rate drops by Dh6.25 a gram in the last 48 hours. The UAE gold rate is at Dh266 a gram for 22K against Dh272.25 two days ago – which is the highest it has reached.

So, a Dh6.25 dip from that peak might not seem like much for shoppers; but after weeks of gold setting new highs, this dip does come as some sort of relief. At the very least, it breaks the cycle of pushing ever higher. “There was alsways going to be a correction, but many were expecting that it would happen when gold finally got past $2,500 an ounce,” said Shamlal Ahmed, Managing Director of International Operations at Malabar Gold & Diamonds.

“What we need to see is whether UAE shoppers, including tourists, will react to this drop. Some may prefer to wait for further drops, if that happens.”

Today’s UAE gold rate drop came about after bullion slipped by more than $50 in the global metals markets over the last 24 hours, to be at