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DUBAI: UAE gold prices are back at their lowest point of the year at AED185.75 per gram of 22K dirhams after falling more than $20 to $1,624 an ounce overnight on the international commodity market.
But now, there has been some recovery in gold prices to $1,633, which could be reflected in the UAE gold price up by around AED1, if the trend continues. “It’s still a shopper-friendly level, we saw some big purchases by tourists last night, and it will continue today,” said a jewellery retailer in Dubai. “The local gold diggers aren’t as active as they may have been. Book for Diwali (which will take place on October 24), or wait to see if the pressure on the gold process will continue.”
Regardless, it will be a good week for the UAE gold market. Compared to the Diwali phase of the past two years, the local 22K price is the lowest, well over Dh10 per gram. Diwali has always been a strong phase for jewellery retailers here. Even in 2020, with all the uncertainty surrounding Covid and the price of AED 215.50 per gram, residential shoppers will still buy.
In terms of price, gold is still in uncertain times, with some analysts seeing $1,620 and below as a high possibility.
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