Dubai gold price drops - will shoppers pre-book for 'Akshaya Trithiya'?
A gram of 22K for this weekend is at Dh369, well down on the Dh380 plus the Dubai gold rate had touched last week. (On Akshaya Trithiya, which this year falls on April 30, Indians prefer to add to their gold collections. In the UAE gold trade, it represents one of the biggest single-day sales for them over the years.)
'Book my purchase today – that's the plan,' said a shopper. 'I would have bought on April 30 whatever the price gold is at, but a drop from Dh388 as recently as April 21 to Dh369 a big break.'
The shopper could be better off even more going by trends for gold price movements. There could be more dips, with some analysts saying it could settle around $3,280 an ounce levels.
For some time yesterday, there was hope among UAE shoppers and gold sellers that the Dubai gold rate could even fall to around Dh367 a gram. In the global metals market, bullion prices had been dropping after pushing through to $3,500 an ounce early this week. It's at $3,318 now.
Gold bars or jewellery?
For the first time in some days, jewellery sources are exuding hope that the last week of April is heading for solid sales. Apart from resident shoppers who will come calling on April 30, gold retailers are expecting sizable batches of visitors who will be in town for the Arabian Travel Market in Dubai next weekend. (In India, one gram of 22k is at Rs8,760, down by Rs66.)
"It doesn't matter whether shoppers want gold bars or jewellery," said a retailer. "We just want shoppers back. The recent price rise had spooked everyone.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Dubai Eye
2 days ago
- Dubai Eye
India-UK trade deal signals Modi's priorities as New Delhi eyes EU, US pacts
India's trade deal with Britain is a sign of New Delhi's new gradual shift to opening up its markets while shielding crucial sectors from competition and could be its template for future agreements, government officials and analysts said on Friday. Signed on Thursday and hailed by Prime Minister Narendra Modi as "a blueprint for our shared prosperity", the deal with the UK represents India's biggest ever strategic partnership with an advanced economy. It comes at a time rising global trade tensions and at a pivotal moment for India's historically protectionist trade strategy, as the Asian giant looks to strike similar deals with partners including the EU, US and New Zealand. Under the pact, India notably agreed to cut tariffs on imported British vehicles, opening up competition for a domestic industry that makes up nearly 7 per cent of the Indian economy. "This is a policy shift, especially as India has long used high tariffs to protect domestic manufacturers," Ajay Srivastava, founder of Global Trade Research Initiative and a former Indian trade negotiator, told Reuters. The easing of its protectionist stance also applies to government procurement and pharmaceuticals and will likely be replicated in deals with Brussels and Washington, he added. But it remains a cautious shift. Under the UK deal, auto imports will be capped under a quota system to shield local manufacturers, and tariff reductions will be gradual. India has committed to reducing auto tariffs from over 100 per cent to 10 per cent over 15 years, within an annual import quota starting at 10,000 units and rising to 19,000 in year five. Tariff reductions on whisky and other goods will also be phased over several years to allow domestic industries to adjust. RED LINES India has stuck to its red lines in the deal, making no concessions on agricultural items such as apples and walnuts or dairy products including cheese and whey. "There is no question of opening up the agriculture or dairy sector in any trade negotiation - be it with the EU, Australia, or even the US," a senior Indian official said. The calibrated strategy aims to leverage trade for economic growth, the official said, but the government will continue to shield millions of Indians dependent upon subsistence farming and low-margin work. Indian farmers are eyeing broadened access to the UK's $37.5 billion agriculture market under the deal. And Indian exporters will benefit from zero tariffs on goods including textiles, footwear, gems, furniture, auto parts, machinery, and chemicals. "With zero tariffs, India's garment exports to the UK could double in three years," said N. Thirukkumaran, general secretary of the Tiruppur Exporters Association. "This also paves the way for the EU agreement, which could bring even bigger gains," he added. But the strategy could face a major test in negotiations with US President Donald Trump's administration, which has used the threat of steep tariffs to pressure trading partners into making concessions. Trade Minister Piyush Goyal told Reuters on Thursday that India is also hopeful of reaching a trade agreement with Washington that includes "special and preferred treatment". But the US is pushing for greater access to India's agricultural and dairy markets.
Zawya
2 days ago
- Zawya
India-UK trade deal signals Modi's priorities as New Delhi eyes EU, US pacts
India's trade deal with Britain is a sign of New Delhi's new gradual shift to opening up its markets while shielding crucial sectors from competition and could be its template for future agreements, government officials and analysts said on Friday. Signed on Thursday and hailed by Prime Minister Narendra Modi as "a blueprint for our shared prosperity", the deal with the UK represents India's biggest ever strategic partnership with an advanced economy. It comes at a time rising global trade tensions and at a pivotal moment for India's historically protectionist trade strategy, as the Asian giant looks to strike similar deals with partners including the EU, U.S., and New Zealand. Under the pact, India notably agreed to cut tariffs on imported British vehicles, opening up competition for a domestic industry that makes up nearly 7% of the Indian economy. "This is a policy shift, especially as India has long used high tariffs to protect domestic manufacturers," Ajay Srivastava, founder of Global Trade Research Initiative and a former Indian trade negotiator, told Reuters. The easing of its protectionist stance also applies to government procurement and pharmaceuticals and will likely be replicated in deals with Brussels and Washington, he added. But it remains a cautious shift. Under the UK deal, auto imports will be capped under a quota system to shield local manufacturers, and tariff reductions will be gradual. India has committed to reducing auto tariffs from over 100% to 10% over 15 years, within an annual import quota starting at 10,000 units and rising to 19,000 in year five. Tariff reductions on whisky and other goods will also be phased over several years to allow domestic industries to adjust. RED LINES India has stuck to its red lines in the deal, making no concessions on agricultural items such as apples and walnuts or dairy products including cheese and whey. "There is no question of opening up the agriculture or dairy sector in any trade negotiation — be it with the EU, Australia, or even the U.S.," a senior Indian official said. The calibrated strategy aims to leverage trade for economic growth, the official said, but the government will continue to shield millions of Indians dependent upon subsistence farming and low-margin work. Indian farmers are eyeing broadened access to the UK's $37.5 billion agriculture market under the deal. And Indian exporters will benefit from zero tariffs on goods including textiles, footwear, gems, furniture, auto parts, machinery, and chemicals. "With zero tariffs, India's garment exports to the UK could double in three years," said N. Thirukkumaran, general secretary of the Tiruppur Exporters Association. "This also paves the way for the EU agreement, which could bring even bigger gains," he added. But the strategy could face a major test in negotiations with U.S. President Donald Trump's administration, which has used the threat of steep tariffs to pressure trading partners into making concessions. Trade Minister Piyush Goyal told Reuters on Thursday that India is also hopeful of reaching a trade agreement with Washington that includes "special and preferred treatment". But the U.S. is pushing for greater access to India's agricultural and dairy markets. (Additional reporting by Dhwani Pandya; Editing by Joe Bavier)
Zawya
16-07-2025
- Zawya
Belong: New fintech platform offers NRIs safe & easy investment options in India
USD-based FDs with higher returns, shorter tenures, no Rupee depreciation risks, doorstep KYC, 100% repatriation and no tax on the returns. Belong also launches a transparent and seamless Indian tax filing service for NRIs. Dubai, UAE: Belong, a new fintech platform for global Indians to invest safely and easily in India, is now available for non-resident Indians (NRI) in the UAE. Licensed by IFSCA - regulator of GIFT City, India, Belong offers a US Dollar-based Fixed Deposit (FD) starting at just USD 5,000 (AED 18,365), with high returns. Ankur Choudhary, CEO and Co-Founder, Belong, said: 'Our vision is simple: to make it easier for Indians to thrive globally while staying connected to India. Every NRI has built a global identity through hard work and ambition, but financial and non-financial services in India haven't kept up. At Belong, with GIFT City FDs, NRIs get more flexibility in choosing shorter tenures and they are also protected against Rupee depreciation while enjoying tax free returns in dollars.' Belong users in the UAE do not need to route funds through their NRE or NRO accounts, and the earnings are fully repatriable to UAE with minimal paperwork. As these FDs are in USD, investors are also protected from INR value fluctuations against the US Dollar. GIFT City is not under Indian tax jurisdiction, and all earnings on Belong are fully tax-free in India. The deposits also offer flexible lock-in periods of 3-months and 6-months, compared to a minimum 1-year lock-in for FCNR deposits. 'NRIs experience challenges when investing in India, such as complex and in-country KYC, high currency conversion charges, taxation on all Indian earnings, difficulty in repatriation of funds, and more. Belong set out to tackle these on behalf of NRIs, and GIFT City regulations work perfectly for the NRIs who still want to contribute and benefit from the India growth story', added Choudhary. Belong is offering these FDs in partnership with reputed Indian banks located in the Gujarat International Finance Tec-City (GIFT City), India's up-and-coming global financial services hub, similar to Singapore. Offered to NRIs mostly via Indian banks until now, FDs have long been a popular investment option in India. The Reserve Bank of India has recorded INR 103 trillion (approximately US$ 1.2 trillion) held in FDs as of 2024. While Belong offers USD Fixed Deposits at launch, the platform will soon add other financial products such as mutual funds, stocks, insurance, cards and more, which will offer NRIs more rewarding investment and transaction options in India. Alongside the USD-based FD service, Belong has also launched a dedicated India tax filing service for NRIs without the typical 'NRI markup' pricing. NRIs are usually charged higher, non-standardised rates for most services in India. Belong aims to change that by offering transparent and cost-effective NRI taxation services 'NRIs have long been underserved when it comes to modern, digital-first financial solutions tailored to their unique needs," said Vaas Bhaskar, Partner, Elevation Capital. "Belong is uniquely positioned to serve this massive, underserved market by combining deep fintech expertise with GIFT City's regulatory framework. We're excited to back this exceptional team as they scale across key markets and build the go-to platform for everything India that global Indians need.' Belong aims to become the financial and lifestyle bridge for global Indians - helping NRIs stay connected, invested, and rooted in India, no matter where life takes them. Belong already has a suite of NRI-specific digital tools to help NRIs make informed financial decisions. About Belong Founded in 2024, Belong is India's first fintech app designed exclusively for NRIs. Built to simplify cross-border investing and financial management, Belong operates through GIFT City, India's International Financial services centre. Belong is powered by Betafront Technologies Pvt Ltd and its subsidiaries, Betafront Financial Services (IFSC) Private Limited, which holds a Payment Services Provider (PSP) license and Betafront Securities(IFSC) Private Limited, which holds the Broker Dealer license issued by the International Financial Services Centres Authority (IFSCA). The company is the brainchild of fintech veterans Ankur Choudhary, Sai Sankar M, Ayush Singh and Savitri Bobde, committed to building trusted, transparent financial solutions for the Indian diaspora worldwide.
