Amid Eid celebrations and Akshaya Tritiya boosting the festive spirit, gold sellers in Dubai expect residents to rush to buy the precious metals.
Gold prices currently in Dubai quote at Dh227.50 per 10 gram for 24K, followed by 22K at Dh213.75; 21K at Dh204.00, and 18K at Dh174.75.
Chief executive officer and managing director of Pure Gold Jewellers, Karim Merchant, said that they expect a major selling season after the pandemic and stable gold prices and recommend buying with a wide variety of designs and collections. They have a huge variety of 22 karat dedicated gold jewelry collections without making charges and exclusive diamond jewelry collections where customers pay only 25 percent which they pay 75 percent on behalf of the customer in addition to giving them the option of paying it over easy installment too.
Several other gold sellers also expressed excitement about the upcoming surge of residents wanting to buy gold such as Nish Bhatt, founder, and chief executive officer, of Millwood Kane International, who said that Gold buying on Akshaya Tritiya is considered auspicious and every year they have observed the sales go higher.
This year is expected to surpass the levels seen in the pre-pandemic era as the Covid-19 restrictions are lifted. Indians’ love for gold is well-known and has been a wealth creator for centuries. It is a hedge against inflation and a haven.
Gold prices have risen around six percent in the past year. The yellow metal saw a rise in prices due to the geopolitical tensions between Russia and Ukraine. Gold prices have softened in the past few weeks due to concerns around the US Fed hiking rates, bond yields rising in the US, and the dollar strengthening to a nearly 20-month high. The strengthening of the US dollar put pressure on gold prices. Moving forward, the pace of US Fed rate tightening, and geopolitical tensions will guide gold prices.