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Brief drop and then. During a brief period in March, gold prices had dropped to $1,687 an ounce levels – and under Dh195 a gram in Dubai – and which led to improved buying patterns. “The mood is subdued – whatever they are hearing from India about COVID-19 deaths and oxygen shortages is being reflected in gold buying,” said a jeweler. “The price increase from $1,750-$1,780 levels from last month has only added to the demand drop.” Other market sources say that buying by Indian expats have dropped off “alarmingly” in the last two weeks. “It’s as if they have taken a collective pause until there’s some good news on the COVID-19 front from India,” said another retailer. “Many have sent additional remittances back to India ahead of any lockdowns, and that’s also going to affect Akshaya Trithiya buying.” ....
Dubai: How much should gold prices drop before shoppers in the UAE start buying again? Going by the trends in the first three months, anything around Dh190-Dh195 a gram should be enough to get shoppers back. And for a brief period in March, UAE shoppers did just that as gold prices showed some weakness for the first time in more than 12 months. Much the same was happening in the rest of the world, as shoppers in India, China, other Gulf markets and the US stocked up on jewellery – in all, 477 tonnes of jewellery was bought during these three months, a sharp 52 per cent increase on the tally from first quarter 2020, when the world was moving into a lockdown. March buying was spurred by the dip below $1,700 an ounce, and it was felt that gold prices were set for a period of cooling off. And for demand to heat up… ....
Dubai: Dubai’s gold and jewellery trade is not waiting around for prices to subside from current levels and shoppers to return. They are using the in-between time to get their entire workforce vaccinated against COVID-19 and inspire confidence when shoppers turn up. More than 3,000 from the sector had their jabs during a three-day vaccination drive, which will continue to “ensure that the full workforce of the sector is vaccinated at the earliest,” according to the Dubai Gold & Jewellery Group. It s needed too. Apart from the added protection against COVID-19 related risks, this is one retail category that still relies mostly on direct shopper interaction at the stores. Our plan is to have all the customer-facing staff vaccinated well before May 14, which is when Akshaya Trithiya is celebrated this year, said the CEO of a leading jewellery firm. ....
Dubai: UAE shoppers rushed to gold and jewellery stores over the weekend – and it’s a good thing they did as Monday sees prices moving up again. On Friday and Saturday, local gold prices were below Dh200 a gram – the first time since June of 2020. The Dubai Gold Rate for 22K was at Dh197.50 a gram as international bullion prices slipped below $1,750 an ounce. Those rates were enough to prompt some heavy buying activity over the last 48 hours. But on Monday, Dubai Gold Rate was set at Dh199.25 a gram after gold reversed some of last week’s decline. (On August 6 last year, the local gold rate reached its highest point at Dh235.) ....