UAE Gold Prices Drop by Up to Dh18 per Gram Amid Sluggish Demand

Gold prices in the UAE have dropped significantly over the past week, with some carats falling by as much as Dh18 per gram. The price of 24-carat gold has plummeted to Dh536.75 per gram, while 22-carat gold has decreased to Dh497 per gram.

Retailers have attributed the subdued demand for gold and jewellery to customers returning from summer holidays and prioritising back-to-school expenses. Jay Dehkan, Director of Dehkan Gold and Jewellery Trading Company, stated that the recent decline in gold prices is significant and encouraging, but its impact has not yet been reflected in market activity.

The slowdown in demand for gold products is typical for this time of year, according to Rakesh Dhanak, Director of Rakee Gold and Jewellery Trading Company. He added that customers are focused on back-to-school preparations, including paying fees and purchasing supplies, rather than buying gold products.