DUBAI: The Dubai Gold Rate for 22K has eased to Dh369.75 per gram, down from the all-time high of Dh372.75. For 24K, the price has also slipped below the Dh400 mark, which it crossed for the first time just a day earlier.

This cooling wasn’t expected, as the gold market remained volatile throughout the previous day. At no point yesterday did anyone have a clue where the price might settle, said a jewellery retailer.

Retailers suggest a ‘comfortable’ range of around Dh350 would be ideal to bring buyers back, especially with Akshaya Trithiya on April 30, when gold buying is traditionally considered auspicious. Retailers say that they have seen strong demand for gold bars, mostly from investors who believe gold could touch $4,000 an ounce soon; another retailer suggested that to boost jewellery sales, a softer price point is essential.

The recent spike in gold prices has left shoppers uncertain. Many are now weighing whether to pre-book their purchases or wait for further price adjustments.