Gold holds steady in Dubai but users find ways to cash in

GOLD LOANS EMERGING AS A HANDY TOOL TO MEET SHORT-TERM FUNDING NEEDS

- BY MANOJ NAIR

For the fourth consecutive day yesterday, the Dubai gold price remained relatively stable at just over Dh369 per gram for 22 carat - a trend that has been rare over the past six months. During this period, local gold prices typically fluctuated by Dh2-Dh4 almost daily, and occasionally by as much as Dh8-Dh10 per gram.

Following a slight spike in gold demand over the Eid weekend, shopper turnout has been subdued. The next round of major gold and jewellery promotions will coincide with Dubai Summer Surprises.

"Other than price drops, what gold shoppers value the most is seeing price stability," said a jewellery retailer. "They have got that over the past few days, but shoppers will need to see prices drop below Dh369 to decide if they are ready to buy more."

New summer trend?