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Tue 21 May 2019 11:27 AM

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UAE jewellery shops cut prices as gold drops, US dollar strengthens

Consumers can enjoy lowest prices of gold jewellery in weeks

UAE jewellery shops cut prices as gold drops, US dollar strengthens
UAE jewellery stores and souks posted an approximately AED2.50 per gram price drop on Monday, with 24-karat gold selling at a 1.6% price drop from AED157 per gram last May 20 to AED154.50.

Now is the right time for customers to buy gold in the UAE, as jewellery shops across the emirates have cut prices in line with falling gold rates and a strengthening US dollar amid concerns surrounding Europe’s parliamentary elections.

UAE jewellery stores and souks posted an approximately AED2.50 per gram price drop on Monday, with 24-karat gold selling at a 1.6% price drop from AED157 per gram last May 20 to AED154.50.

Rates of 22-karat gold also fell by the same margin to AED145.25, while 21K and 18K dropped to AED138.50 and AED118.75, respectively.

The decline in prices could be short-lived, however, as analysts predicted the precious metal will rise again this week to $1,298 an ounce due to geopolitical tensions in the Middle East and a US-China trade war.

The UAE on Sunday said it will introduce a number of new programmes aimed at standardising measurements used across a range of sectors, including jewellery products and taxi fares.

The Emirates Authority for Standardisation and Metrology (ESMA) is working with the public and private sectors to develop new legal and scientific standardisation programmes, said Eng. Amina Zainal, Director of the Standardisation Administration at the authority.

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