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.
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