Dubai Gold Prices Fall Below Dh500 Ahead of Indian Festivals

Gold prices in Dubai have fallen below Dh500 per gram, prompting many non-resident Indians (NRIs) and Indian tourists to bring forward their festive purchases ahead of Navratri, Dhanteras, and Diwali. Tawhid Abdulla, chairman of the Dubai Jewellery Group, said that buying gold at this time is considered auspicious due to its cultural significance.

The season from Navratri through Dhanteras and Diwali is crucial for gold jewellery sales in the UAE, particularly among South Asian communities. With prices currently at Dh499 per gram for 24K gold, industry leaders expect a surge in demand. Chirag Vora, managing director of Bafleh Jewellers, noted that NRIs and Indian tourists tend to buy more when prices drop.

'The combination of the price drop and festive timing creates a compound effect,' said Vora. 'Many buyers are utilising store price-lock facilities to fix current rates for guaranteed delivery during peak festival days.'