Global gold prices have fallen sharply from a record high of 5,500 dollars per ounce to 4,493.79 dollars, driven by a stronger US dollar and rising oil prices. The decline has brought relief to the United Arab Emirates (UAE) gold market, where prices have dropped by more than 100 dirhams per gram over the past month.

As a result, jewelry stores across Dubai and other emirates are witnessing a surge in demand for both 24-carat investment gold and 22-carat ornaments. Local traders said that when gold reached record levels, it became unaffordable for ordinary buyers, but the recent drop has brought both investors and general consumers back to the market.

On March 29, 24-carat gold sold for 541.25 dirhams per gram in the UAE, while 22-carat gold was priced at 501.25 dirhams. Chirag Vora, managing director of Bafle Jewellers, noted that demand for gold bars and coins has risen sharply, with new and younger buyers joining experienced investors in taking advantage of the lower prices.