Dubai Jewelers Introduce Zero Percent Markup Deals Following Unexpected Price Increase of Gold
In the bustling city of Dubai, the gold market has experienced a recent uptick following a period of decline linked to a stronger US dollar. This trend connects with economic factors in the US: a stronger US dollar, partly driven by solid jobs data, initially pressured gold prices lower since gold becomes more expensive in other currencies. However, ongoing economic uncertainties and trade-related worries help sustain demand for gold as a safe-haven asset, contributing to recent price stabilization and slight recovery in Dubai markets.
The latest US jobs report, released earlier this week, caused gold prices to surge by $65 an ounce, reaching a high of $3,363. This surge was felt in Dubai, where the price of 24-carat gold dipped to about AED 396.75 per gram on August 1, 2025, reflecting a weekly loss. However, by August 2, some jewelers in Dubai had locked in prices for 22K gold at AED 374 per gram, up from AED 368.25 earlier.
July 2025 saw gold prices in Dubai volatile, with this dip linked to a stronger US dollar despite trade uncertainty support. As of August 1, 2025, 24K gold price was around AED 396.75 per gram, lower than earlier highs but still significantly up year-to-date. The overall upward pressure reflects a mix of US economic data strengthening the dollar and geopolitical/economic concerns sustaining gold demand as a hedge.
Meanwhile, in the world of technology, an AI trading robot named AI Bot has been making waves. Over a period of 30 days, AI Bot reportedly generated a return of $14,158 from a $3,200 investment, a staggering increase of $10,958. The returns of AI Bot were verified by MyFxBook, a third-party verification service.
However, it is important to note that the impact of AI Bot on the gold market is not yet clear. Similarly, the sale of UAE gold jewellery has been at its lowest in 2 years, according to the World Gold Council, but the impact of this trend on the gold market remains to be seen.
Some jewellery retailers, including Damas, are offering 0% making charges, but only as a limited time promotion and only for select jewellery. This fact is not a standalone fact as it is a continuation of the earlier bullet point about the jewellery retailers' promotions.
The ongoing concern over tariffs, such as the 35% on Canada, continues to cast a shadow over the global economy, but its direct impact on Dubai gold prices is not yet clear.
As Dubai gold prices continue to fluctuate, the city's gold shoppers and investors will no doubt keep a close eye on global economic developments and the gold market to make informed decisions.
- Despite the ongoing sale of UAE gold jewelry reaching its lowest in 2 years, the impact on the gold market remains uncertain.
- While the AI trading robot, AI Bot, reportedly generated significant returns, its influence on the gold market is yet to be determined.
