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Dubai: Local gold prices will need to drop to Dh185 a gram or below for UAE shoppers to rush back to buying their favourite metal.
“Shoppers need to see a drop to a new level to be convinced there’s value in buying at that price,” said a jewellery retailer in Dubai. “Any price drop to under Dh190 could convince them – but the best outcome would be if and when gold drops to under Dh185.”
For the record, Dubai rates for 22K were at or around the Dh170 a gram mark in March last year, which was the lowest point in these 12 months.
Dubai: UAE shoppers rushed to gold and jewellery stores over the weekend – and it’s a good thing they did as Monday sees prices moving up again. On Friday and Saturday, local gold prices were below Dh200 a gram – the first time since June of 2020.
The Dubai Gold Rate for 22K was at Dh197.50 a gram as international bullion prices slipped below $1,750 an ounce. Those rates were enough to prompt some heavy buying activity over the last 48 hours.
But on Monday, Dubai Gold Rate was set at Dh199.25 a gram after gold reversed some of last week’s decline. (On August 6 last year, the local gold rate reached its highest point at Dh235.)
Dubai: NRIs are being invited to take on a direct role in India’s business landscape, with the latest Budget allowing NRI entrepreneurs to launch one-man companies in the country.
This move, the government reckons, will free up funding inflows into various sectors of the economy, and removes much of the red-tape associated with launching a new business in India.
“This will boost investments into the country, certainly,” said Adeeb Ahamed, who heads LuLu Exchange International. There will be no restriction on paid-up capital and turnover. Most important, a one-person company can be converted to any other kind. Overall, this is a good budget for NRIs who wish to contribute to Digital India’s growth story.