UAE shoppers are better off waiting for price turmoil to settle down.
Gold prices swung in both directions in a matter of hours. And in times of price volatility, shoppers need to be extra careful.
“Just when Dubai shoppers dared to dream of sustained gold price drops, the market delivered another sharp twist this morning.
After a tantalizing dip below Dh350 per gram for 22K late last night – sparking hopes of a further slide towards Dh340 – gold prices have once again surged. This abrupt turnaround, leaping to Dh359 and even hitting Dh362, is undoubtedly adding to the rollercoaster of emotions for both eager buyers and jewellers alike.”
“Hold your horses, gold bugs! One bullion trader in Dubai put it quite bluntly: ‘It’s a head-scratcher why anyone would be eyeing gold right now, especially this week.’ He pointed out the wild ride the Dubai gold rate has been on, swinging by a hefty Dh10-Dh12 per gram in just the last day.
His advice to would-be buyers? A straightforward, ‘Unless it’s absolutely essential, sit tight! Let’s see what the rest of today and even next week throws our way.'”
Such wild price swings within hours is relatively rare in the gold commodity market. Just check these numbers. “Hold on tight! The bullion market just pulled off a dizzying rollercoaster ride.
After a sharp plunge to a low of $3,120 an ounce – a level that had many bracing for a sub-$3,100 dip – the script flipped dramatically. In a matter of hours, gold prices staged a powerful comeback, surging to $3,224. That’s a jaw-dropping $100 jump!
Market watchers are still reeling from the speed of this reversal. As one analyst pointed out, ‘Typically, gold’s price swings unfold over a day or so. This time, it was all over within half a day.’
While those seeking the safe haven of gold are no strangers to price volatility, this rapid about-face is a stark reminder of the market’s unpredictable nature – and a tough pill to swallow for those hoping for a bargain.”
But after a long gap, it did feel that gold’s inflated levels were coming down. And that a Dubai gold rate around the Dh340 a gram mark would be just about the right level under the circumstances.
For now, they can only hope that it might happen, soon enough…
