Gold prices in Dubai have maintained their downward trend, offering a welcome relief for shoppers as the 24K variant dipped to Dh496 per gram on Wednesday morning. This stability, keeping prices below the Dh500 mark for the second day in a row, comes at the perfect time for those preparing for the upcoming Diwali festivities. With 22K, 21K, 18K, and 14K variants also seeing a corresponding decline, retail jewelers are anticipating a surge in activity as customers look to capitalize on more affordable rates to secure necklaces, bangles, and other traditional ornaments.

Globally, the precious metal is hovering near $4,120 per ounce, facing pressure from a strengthening US dollar and rising Treasury yields. Despite these macroeconomic headwinds, market analysts suggest that gold remains resilient, bolstered by a significant rise in investment demand and record-breaking holdings in global exchange-traded funds. While technical indicators suggest gold is currently trading within a specific range, the combination of festive demand and strong ETF interest provides a steady foundation for the market as the industry prepares for one of its busiest shopping seasons of the year.