Dubai gold prices drop on Friday, September 4, as gold rates declined across Dubai. The 22K gold price fell below Dh500 per gram, offering some relief to buyers ahead of the festive season.
WEBDESK – Mehr Un Nisa – SHARJAH NEWS
According to Dubai Jewellery Group data, the 24K gold price dropped to Dh539.25 per gram on Friday morning. It was Dh542 per gram at Thursday’s market close. This means the 24K rate declined by Dh2.75 per gram.
22K Gold Price Falls Below Dh500
The biggest highlight for jewellery buyers was the decline in the 22K gold price. It fell to Dh499.25 per gram on Friday.
The other gold rates also moved lower. The 21K gold price stood at Dh478.75 per gram. Meanwhile, 18K gold was priced at Dh410.25 per gram. The 14K gold rate stood at Dh320 per gram.
The latest move means Dubai gold prices drop at a time when many shoppers are preparing for major festivals. Lower prices could encourage buyers who have been waiting for a better opportunity to purchase jewellery.
Festive Demand Could Support Gold Buying
Falling gold prices are positive news for jewellery shoppers. Major festivals such as Diwali, Dussehra and Navratri are approaching.
Jewellers in the UAE expect strong demand for gold jewellery during the festive season. Buyers may therefore pay close attention to daily changes in UAE gold prices before making their purchases.
The 22K gold price Dubai market is especially important for jewellery buyers because 22K gold is widely used for traditional jewellery.
Global Gold Market Remains In Focus
Spot gold was down around half a per cent at $4,470 an ounce. Market attention is also focused on US economic data and expectations around Federal Reserve interest-rate decisions.
Joseph Dahrieh, managing director at Tickmill, said weaker August ADP payrolls helped reduce expectations of a September rate hike. However, gold remains exposed to downside risks from higher oil prices, inflation concerns and renewed US-Iran tensions.
What Buyers Should Watch Next
Friday’s US nonfarm payrolls report could become an important market driver. A weak jobs report could reduce expectations of a rate hike and support gold prices. Stronger employment data could push yields higher and limit gains.
For UAE shoppers, Dubai gold prices drop could provide a timely buying opportunity, but rates can change quickly with global market movements.
