Why did UAE residents rush to buy gold despite high prices on April 30?

According to Abdul Salam K. P., Vice-Chairman of Malabar Gold & Diamonds, “They were picking up everything – gold coins, bars and jewellery” as part of the Akshaya Trithiya tradition, even though rates were around Dh366–Dh369 per gram; in fact, it turned out to be the best single-day sales in 2025 so far — showing that cultural significance outweighed price concerns, even as the Dubai Gold Rate dipped to Dh362.5 (its lowest in over two weeks) just a day later. Would you have waited for the price to drop or bought anyway to honor tradition? Let us know what matters more to you — price or purpose?

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