The prices of gold in Dubai fell steeply by nearly Dh23 per gram in a spread of three days in April 2025. This markdown might then assure buying decisions ahead of the auspicious Akshaya Tritiya festival on April 30 by consumers.
A Major Tumble in Gold Price
Gold prices in Dubai have seen a significant dip after having reached record highs earlier in April. On April 23, 2025, 22K gold was priced at Dh374.75 per gram, a drop from Dh397.75 just three days before. The 24K gold price also dropped below the Dh400 mark, settling at Dh399.50 per gram. This is one among the steepest markdowns in some months in terms of short-term prices.
Global Factors That Favor the Drop
That being said, gold prices in Dubai dipped on the global front. For the most part, on April 23, gold recorded its biggest one-day slide in nearly four years, plunging $125.30 or 3.7% to settle at $3,294.10 an ounce. This correction came on the heels of a lengthy price rally driven by geopolitical volatility and concerns about inflation. Trade tension easing with China and a stabilizing dollar are believed to have been largely responsible for the drop-off in the glamour of gold as a safe-haven asset.
Having Their Say in Dubai Gold Market
Even though the price drop is a relief for consumers, it poses challenges to retailers. Dubai’s Gold Souk had lower demand for traditional 22K jewelry as consumers diverted their attraction toward diamonds and lighter gold pieces. In 2024, the demand for gold jewelry in the UAE fell by 13%, much heavier than the global decline of 11%. Analysts are warning that continued price volatility could strain demand further, especially in markets where Indian consumers weigh in.
Hopes of Recovery
Nonetheless, gold prices showed some signs of recovery after this last dip, adding almost Dh7 on April 24, reclaiming 22K gold back at Dh374.75 per gram and 24K gold above Dh400. This resurgence seems all the more important selected just a few days before Akshaya Tritiya, one more great gold-buying occasion for Indian communities.
External Resources
For more information on the recent gold price trends:
Gulf News: Dubai gold price surprises shoppers with near Dh7 jump after 3 days of drops.
MarketWatch: Gold prices plunge in biggest one-day drop in years.
Reuters: In Dubai’s Gold Souk, bullion’s record run brings little joy for jewellers.
Gulf Articles: Dubai gold prices drop AED 10: Shopper relief.
Dubai Times: Gold prices fall to three-week low amid global economic concerns.