Dubai gold price is steady - and that's perfect for shoppers on 'Akshaya Trithiya'
So, the stage is set for the Indian festival of 'Akshaya Trithiya', where gold buying is one of the traditions that need to be done. And a lot of expat Indians in the UAE have already done their part.
'Yes, there had been some fairly heavy pre-bookings from the moment Dubai gold rate dropped below Dh370 a gram,' said Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds, which is offering 150mg gold coins for each purchase of Dh3,000. 'What we are seeing is that because of the higher gold prices, most of the buying has shifted to lighter weight gold pieces, typically between 10-15 grams. But the most important thing is they are still buying despite the prices.
'The more budget-conscious shoppers are directly going for gold coins and bars, where the making charges are minimal."
The feedback from gold retailers is that by close of business today, they will have had more shoppers in the stores, but the actual volume of gold sold might still be lower. But retailers will take it any which way it turns out.
'Huge relief'
As for shoppers, the sentiment is one of relief. A good number of Indian expats buy for 'Akshaya Trithiya' because that's the done thing to do.
"We would have bought whatever the price, but there's relief because today, we will need to pay only at Dh369 a gram rather than the Dh380 plus of April 21," said a shopper who is all set to head out to a store as soon as it opens.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hi Dubai
2 hours ago
- Hi Dubai
DGCX Sees 30% Surge in Daily Trading Volumes in H1 2025, Led by Gold and INR Quanto Futures
The Dubai Gold & Commodities Exchange (DGCX) has reported a strong performance for the first half of 2025, with more than 1 million contracts traded by the end of June. The milestone represents a 30% year-on-year increase in average daily trading volumes, driven primarily by heightened demand for gold contracts and the increasingly popular INR Quanto futures. Among the standout performers was the DGCX's Shariah-compliant Gold Spot Contract (DGSG), which recorded a 199.84% surge in traded value, rising from USD 15.6 million in H1 2024 to USD 46.8 million in H1 2025. In terms of volume, DGSG contracts jumped by 118%, underscoring growing interest from institutional investors and Shariah-based traders seeking secure, transparent hedging options in a volatile market environment. The INR Quanto futures contract also continued to gain traction. Designed to help global participants hedge Indian rupee exposure against the US dollar without requiring direct access to Indian markets, the synthetic contract remained a preferred risk management tool amid ongoing currency fluctuations. Ahmed Bin Sulayem, Chairman and CEO of DGCX, commented: DGCX has seen exceptional momentum in the first half of the year, with nearly USD 47 million traded through our spot gold contract alone – a 200% year-on-year increase – and a 30% rise in daily volumes across the exchange. This performance not only places DGCX on track to surpass 2024's results, but also highlights its growing relevance in the global financial landscape. He added that the exchange is increasingly becoming a go-to destination for bullion traders, institutional investors, and participants seeking sophisticated hedging solutions amid complex market dynamics. A subsidiary of DMCC, DGCX continues to play a central role in reinforcing Dubai's position as a major global trading hub for gold and precious metals. More than 1,500 member companies operate in this sector within DMCC, supported by a robust infrastructure for both physical and financial trading. The strong H1 2025 performance follows DGCX's successful full-year 2024 results, which recorded 1.56 million contracts valued at over USD 37 billion. With its current trajectory, the exchange is poised to outperform those figures and further strengthen its leadership in the regional derivatives market. News Source: Dubai Media Office
Web Release
7 hours ago
- Web Release
ULLU OTT Platform Announces Official Launch of UlluCoin with Strategic Backing from Cypher Capital
ULLU has officially launched UlluCoin, the official utility token designed to drive blockchain-powered engagement across its expanding digital ecosystem. ULLU is one of India's fastest-growing OTT platforms, with over 42 million active users and a strong presence in bold, original content since its launch in 2018. The introduction of UlluCoin signals the platform's entry into the Web3 space, integrating digital entertainment and decentralized innovation. Issued by a newly established entity, UlluCoin has a maximum supply of 100 billion tokens, laying the foundation for a new phase of immersive experiences within the ULLU universe. As one of the first leading OTT platforms making the transition from Web2 to Web3, ULLU is pioneering this evolution through UlluCoin, launched with strategic backing from Cypher Capital and Chainsense Ltd. On the launch, Avinash Duggar, CEO of ULLU, said, 'This is a big moment for India and for ULLU. We've always strived to stay ahead of the curve, empowering users and building a smarter entertainment economy.' He added, 'UlluCoin is more than just a token; it's a full-stack utility ecosystem built on one of the most active OTT platforms in the region. With over 109 million downloads and 42 million active users worldwide, ULLU offers native distribution, unmatched engagement, and a powerful use case for real-world blockchain adoption.' As the platform expands globally, it aims to blend bold content with meaningful token utility. To ensure user safety and prevent scams, UlluCoin will only be available through the ULLU App and the official website, With one of the largest user bases in the Indian OTT space and steady daily new user footfall, ULLU is launching a reward system where current and future users earn free coins as points. These points, gained through actions like signing up, sharing, or subscribing, can be redeemed as UlluCoin. The project is currently finalising listings and will release further information on exchange partnerships and public sale dates in the coming weeks.
Zawya
a day ago
- Zawya
India-US interim trade deal prospects dim ahead of tariff deadline, sources say
NEW DELHI - The prospects of an interim trade deal between India and the United States before Washington's August 1 deadline have dimmed, as talks remain deadlocked over tariff cuts on key agricultural and dairy products, two Indian government sources said. U.S. President Donald Trump threatened a 26% tariff on Indian imports in April but paused implementation to allow for talks. That pause ends on August 1, though India has yet to receive a formal tariff letter, unlike over 20 other countries. India's trade delegation, led by chief negotiator Rajesh Agrawal, returned from Washington after a fifth round of talks without a breakthrough. "An interim deal before August 1 looks difficult, though virtual discussions are ongoing," one of the Indian government sources said, adding a U.S. delegation was expected to visit New Delhi soon to continue negotiations. Talks are stalled as New Delhi is refusing to open its politically-sensitive agriculture and dairy sectors, while Washington is resisting India's demand for relief from higher tariffs on steel, aluminium and autos. Officials are exploring if these issues can be deferred to a later stage, after an interim deal, the second Indian official said. Ajay Sahai, director general of the Federation of Indian Export Organisations, warned sectors like gems and jewellery could be hit hard if 26% tariffs are imposed. "However, this could be temporary, as both countries aim to sign the deal over time," he said. U.S. Treasury Secretary Scott Bessent told CNBC on Monday that the Trump administration was more concerned with the quality of trade agreements than their timing. Asked if the deadline could be extended for countries in talks, he said it was up to Trump. Indian officials remain hopeful of clinching a broader deal by September or October, in line with what was agreed by Prime Minister Narendra Modi and Trump in February. "Given that there have been five rounds of negotiations and another U.S. delegation is expected, we remain optimistic about finalising a trade pact," a third government source said. The sources requested anonymity as negotiations are not public. The Indian commerce ministry and the U.S. Trade Representative's Office did not immediately respond to emailed requests for comments.
