UAE gold drops below Dh370, adding to Eid weekend cheer

DIP OFFERED A WELCOME SAVING OF DH4 PER GRAM, STOKING BUYER INTEREST

- BY MANOJ NAIR

Dh369.25 a gram - that's what shoppers in the UAE paid for a gram of 22 carat gold this Eid weekend, down from Dh378 earlier in the week. Compared to last Thursday's level, that's a saving of Dh4 — a welcome drop during what is traditionally a busy period for gold and jewellery shopping.

The Dubai gold price for a gram of 24 carat has also fallen below Dh400 after a week of steady increases. In Saudi Arabia, the gold price for a 22 carat stood at Dh384 per gram over the weekend.

By Friday afternoon, the trend was clear: gold prices were softening.