Gold prices are dropping, making expectations for shoppers to make their inaugural gold purchases of the New Year, 2023.
On Thursday (January 5), the UAE gold rate slipped to Dh205.75 a gram for 22K from Dh208.5 a day earlier, but resident shoppers are likely waiting to see whether the drop continues and could yet touch Dh200 a gram or lower. Because as has been clear from buying trends in 2022, the Dh190-Dh200 range has been the sweet spot for UAE consumers to engage in more gold buying, the agencies said.
Early Friday (January 6), bullion prices are again under pressure, down to $1,840 an ounce after a near $15 drop. This could reflect marginally on the overnight UAE gold rate when today’s first price is set after 8 am.
