Customer browsing gold jewellery at a Dubai souk. Photo: Tripadvisor
Gold prices in Dubai, United Arab Emirates (UAE), fell significantly on the afternoon of Thursday, May 8, with rates dropping by 9 Dirham (Rs 208.35) per gram.
According to the Dubai Jewellery Group, the price of 24-carat gold fell to Dh 400.25 (Rs 9,265.64) per gram, from Dh 409.00 per gram at the close of trading on Wednesday, May 7.
Other gold variants saw price drops as well:
In a notable development, Dubai residents can now receive 24-carat gold coins at their doorstep in under an hour, as part of a new initiative by the super app Careem. Targeting millions of Indian expats in the UAE, Careem Technologies—a spin-off from Uber Technologies’ Middle Eastern operations—has introduced a feature that enables users to purchase up to Dh 10,000 (Rs 2,32,116) worth of physical gold in a single transaction.
The gold is sourced and certified by Tanishq, the flagship jewellery brand of India’s leading retailer, Titan Company Limited.
Globally, spot gold was trading at USD 3,336.86 (Rs 2,85,566.36) per ounce, reflecting a 1.45 percent decline. The dip follows cautious remarks by US Federal Reserve Chair Jerome Powell after the latest Fed meeting, alongside signs of easing trade tensions between the United States (US) and China.
Despite the price drop, gold remains in demand as a safe-haven asset amid ongoing geopolitical tensions in Eastern Europe, the Middle East
, and South Asia.This post was last modified on May 8, 2025 3:06 pm