Gold prices in Dubai, United Arab Emirates (UAE) fell sharply on Wednesday morning, April 23, opping below 400 Dirham per gram, following a record high the previous day. The decline offers much-needed relief to retail buyers amid recent market volatility.
According to Dubai Jewellery Group, 24-carat gold opened at Dh 399.50 (Rs 9,299.29) per gram, down from Dh 420 on Tuesday, April 22.
Other categories also saw price drops:
- 22-carat at Dh 370.00 (Rs 8,611.29) per gram from Dh 388.75 per gram
- 21-carat at Dh 354.75 (Rs 8,256.37) per gram from Dh 372.75 per gram
- 18-carat at Dh 304.00 (Rs 7,075.22) per gram from Dh 319.50 per gram
In recent days, gold prices have been rising rapidly—sometimes even hourly—prompting a mixed reaction from consumers. While some residents have sold old jewellery to benefit from recent highs, others have shifted to purchasing new pieces.
As reported by Khaleej Times, shoppers are opting for lighter jewellery and smaller investment items like gold coins. Many are exchanging older items to lock in current rates.
Meanwhile, Gulf News highlighted that a portion of consumers are holding off on trades, anticipating further price hikes. Some are opting to invest in new jewellery instead, seeing it as a long-term asset amid ongoing market uncertainty.
This evolving consumer behaviour underscores gold’s enduring appeal as a safe-haven investment, with UAE buyers adapting their strategies in response to swift price movements.
Globally, spot gold prices declined by 0.7 percent to USD 3,357.11 per ounce, while US gold futures fell 1.5 percent to USD 3,366.80.
The primary factor behind Wednesday’s price drop is the rebound in the US dollar index, following news that President Donald Trump has stepped back from plans to dismiss Federal Reserve Chair Jerome Powell, according to Reuters.
Previously, gold prices had surged due to a weaker US dollar, fears of a global recession, and ongoing trade tensions between the US and China. However, market sentiment shifted after the President’s more conciliatory tone.
