After three consecutive days of decline, the gold price in Dubai has taken an unexpected upward turn, catching shoppers and traders off guard. As of today, the local Dubai gold rate has surged nearly Dh7 per gram, disrupting hopes for a continued downward trend in the lead-up to the major Indian festival, Akshaya Trithiya.
For those monitoring the market closely, today’s rate for 22K gold stands at Dh374.75 per gram, while 24K gold has once again crossed the Dh400 mark, now trading at Dh404.65 per gram. This sharp rise contrasts sharply with expectations of a dip closer to Dh360 for 22K, especially after the global market began stabilizing and geopolitical tensions—like discussions surrounding US tariffs and leadership at the Federal Reserve—started to ease.
Why Gold Price Matters Now?
With Akshaya Trithiya just around the corner on April 30, gold shoppers in the UAE were banking on lower prices to stock up. The period between now and May 1 is crucial for gold retailers, as it marks one of the year’s highest-volume buying phases alongside Dhanteras and Diwali. These festivals traditionally spur a significant uptick in gold jewellery and bullion purchases, especially among the Indian diaspora in Dubai.
Don’t Panic – It’s a Price Correction, Not a Crash
Market analysts and jewellers are urging buyers to remain calm. While the gold price has spiked, experts stress that this should be seen as a correction rather than a full-blown crash.
“Unless gold closes below $3,280 an ounce, we’re still looking at a normal price adjustment,” said Anil Dhanak, Managing Director at Kanz Jewels. In fact, the global gold price briefly dipped to $3,260 an ounce earlier before rebounding sharply to $3,336 an ounce.
Earlier this week, the Dubai rate for 22K gold had soared to Dh388, thanks to international gold pushing past the $3,500 mark—a high that had some anticipating even further climbs. However, developments in the US economic landscape prompted a cooling effect, pulling gold back from those highs.
Should You Book Gold Now?
One burning question among buyers is whether they should book gold in advance of Akshaya Trithiya to lock in rates. Pre-booking allows buyers to benefit if prices drop but protects them if prices rise—so long as they complete the purchase within 30 days.
“I would say any price near Dh360 per gram would’ve been a great level to book,” shared one shopper who plans to invest in gold bars regardless of the price on April 30.
New Openings Reflect Ongoing Demand
Despite short-term price volatility, long-term interest in gold investments and jewellery remains solid in the UAE. New stores continue to open, proving the enduring popularity of the yellow metal. Most recently, Arakkal Gold and Diamonds launched its largest showroom yet at Safari Mall in Sharjah, unveiling 500 kilos of new gold designs.
“This store is a reflection of our legacy and a celebration of our future,” said Thanveer C.P., Chairman of Arakkal Gold and Diamonds.
Such expansions highlight a long-term belief in the value of gold—not just as an ornament, but as a secure investment asset. For both residents and tourists, Dubai remains a gold-shopping haven, thanks to its competitive pricing, tax-free shopping, and rich variety.
Final Takeaway
While the recent gold price hike may have disrupted immediate buying plans, it’s important to view these shifts in context. Market corrections are part of a broader economic landscape, and savvy shoppers can still take advantage of booking strategies and promotions.
As always, shoppers in Dubai—whether residents or tourists—remain drawn to gold’s timeless appeal and value, despite short-term fluctuations in gold price trends.
