Dubai Gold Drops Below Dh500 as Families Rush to Buy Ahead of Navratri, Diwali

Dubai gold prices have dropped below Dh500 per gram ahead of Navratri, Dhanteras, and Diwali, prompting expat and non-resident Indian families to bring forward their festive purchases. The Dubai Jewellery Group reported that the season from Navratri through Dhanteras and Diwali is the most important period for gold jewellery in the UAE.

Tawhid Abdulla, chairman of the Dubai Jewellery Group, said buying gold at this time is considered auspicious. 'The festive season...is one of the most important periods of the year for gold jewellery in the UAE,' he noted. Many families are taking advantage of the lower prices to buy gold.

Gold prices fell below Dh500 per gram again over the weekend, with 24K closing at Dh499 per gram. The Dubai Jewellery Group will run a Diwali campaign across participating jewellers from October 24 to November 12, offering attractive deals and a chance to win 1kg of gold.

Chirag Vora, managing director of Bafleh Jewellers, noted that the combination of low prices and festive timing creates a compound effect. NRIs and Indian tourists buy higher volumes when prices fall, he said.