Gold jewellers in Dubai and across the UAE are trimming their profit margins to cushion the impact of record-high bullion prices and keep ornaments affordable for buyers.
Retailers said their strategy of “fair pricing” is designed to boost demand amid sluggish sales, with shoppers benefiting from incentives such as reduced making charges, complimentary gold coins, and shopping vouchers, according to a report in Khaleej Times.
Gold hit an all-time high last Tuesday, with 24K priced at Dh440.5 per gram and 22K at Dh408 per gram. The same levels were retested on Friday before easing slightly over the weekend to Dh438.75 for 24K and Dh406.25 for 22K.
READ MORE: Pakistan Invites Global Crypto Exchanges for Licensing
Globally, spot gold surged past $3,650 an ounce last week on expectations of US interest rate cuts, a softer American job market, and continued central bank purchases. Over the weekend, it edged down to $3,643.1 per ounce.
