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Dubai: The UAE gold rate for a gram of 22K shot past Dh350 for the first time, climbing from Dh347.25 yesterday. Despite this, there was still some ‘fairly decent’ gold and jewellery buying demand for Eid, with most residents and tourists preferring to go for exchange offers rather than buy something new.
It means that in less than 30 days, the UAE gold rate has gained a near Dh30.
“It had reached a stage where even with discounted making charges – or zero making charge promotions – the cost of buying new gold jewellery has gone way beyond what regular shoppers thought of,” said a jewellery retailer.
“The shoppers who were coming for their Eid gold purchases were mostly exchanging what they had.”
