Dubai, UAE – May 8, 2025:
The Dubai Gold Rate has witnessed one of its sharpest single-day declines in recent weeks, falling by almost Dh11 per gram. However, many UAE gold shoppers are still waiting for further drops before making their next jewellery purchase.

The price of 22K gold in Dubai now stands at Dh367.75 per gram, a notable decrease from Dh378.50 on May 7. That previous level was just shy of the record high of Dh381.75 per gram, which was also reached earlier this week.

🛍️ Shoppers Waiting for Lower Gold Prices

Despite the recent dip, buyer sentiment suggests most are not ready to return to gold jewellery stores unless prices fall to around Dh350–Dh355 per gram.

“There is an impression that anything above Dh370 – and even Dh360 – is inflated and shoppers are reluctant to buy in at these levels,” said a gold retailer. “They only made an exception on April 30 because it was Akshaya Trithiya, when 22K gold was at Dh369.”

📉 Will Gold Rates in Dubai Drop Further?

Retailers note that based on market trends, there is a strong possibility of gold touching Dh360, and even Dh355 per gram in the short term. However, reaching Dh350 might be more challenging.

In the past 30 days, the lowest recorded gold price was Dh351.25 per gram, seen on April 10, according to price trackers.

🛒 Tourist Shopping Could Rise

The recent drop in gold rates might attract more tourists to Dubai's Gold Souq and major jewellery retailers.

“Whatever tourist shopping we see is done through buying new gold jewellery," said Anil Dhanak, Managing Director at Kanz Jewels. “Out of every 10 purchases by a tourist, one or two would be through gold exchanges, at least that's what we see at our stores.”

🧍‍♂️ UAE Residents Still in Wait-and-Watch Mode

Unlike tourists, UAE residents are taking a cautious approach, waiting for prices to drop further. Retailers believe a dip to Dh360 or below could potentially bring more local buyers back into the market — but Dh350 may be the real trigger point for increased demand.