Shoppers in the UAE, Saudi Arabia and other Gulf states wanting to pick up jewellery as part of their Eid Al Fitr buys have received a big jolt – gold prices are in a record-setting race. New price peaks are being touched every few minutes, with bullion trading at $3,070 an ounce plus. So far today, gold is higher by an eye-watering $53.51. Needless to say, the $3,070 plus levels are the highest gold has touched to date. It was in mid-March that it had broken through $3,050 an ounce. UAE gold rate The UAE gold rate gained Dh4 to be at Dh343 a gram for 22K, reflecting the steep increases in global bullion rates. Local rates had closed at Dh339.5 a gram for 22K, which itself was higher by Dh4.25 from just a week ago. And a significant Dh20 up on the UAE gold rate of March 1. The Saudi gold rate for 22K is at SR347. “The surge in gold prices will likely have a noticeable impact on Eid shopping,” said Anil Dhanak, Managing Director of Kanz Jewels. “High gold prices often lead consumers to scale back their spending on jewelry and related items, as the cost becomes […]