Brief dip sees rush to pre-book gold in UAE

SUDDEN DROP DRIVES FESTIVE SHOPPERS TO LOCK IN PRICE

- MANOJ NAIR

Quite a few shoppers in the UAE were able to make full use of a "small window of opportunity" when gold prices suddenly dropped during the latter half of Friday (April 4), when the UAE gold price fell by Dh10 a gram from the day before.

On Friday evening, the UAE gold price closed the week at Dh338.25 a gram for 22 carat against Thursday's Dh348.25.

Taking no chance

"There were a few purchases, but the majority of UAE resident shoppers decided to make pre-bookings for 'Akshaya Trithiya' on April 30," said a jewellery retailer. "This meant they could lock in at Dh338.25 when they buy on April 30.