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Relief for shoppers: Dubai gold prices fall below Dh400 after record high

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Gold prices in Dubai took a sharp dip on Wednesday morning, falling below the symbolic Dh400 mark per gram, offering some much-needed relief to buyers following a record-setting rally earlier this week.

The price for 24-carat gold opened at Dh399.50 per gram, a significant drop from Dh420 on Tuesday. The decline comes after weeks of price surges that had seen rates climb almost hourly.

Other gold variants also saw notable decreases:

  • 22K gold is now priced at Dh370.00, down from Dh388.75
  • 21K gold sits at Dh354.75, previously Dh372.75
  • 18K gold dropped to Dh 304.00 from Dh319.50

Mixed Reactions from Consumers

The recent rollercoaster in gold prices has sparked a variety of responses across the city. While some residents rushed to sell old jewellery for cash at higher prices, others opted to buy new pieces in anticipation of further increases.

Local jewellers say shoppers are gravitating towards lighter jewellery designs and smaller investment pieces like gold coins. Some are even trading in older items to secure better value at current rates, according to a local report.

Global Factors at Play

On the international stage, spot gold fell by 0.7% to $3,357.11 per ounce, while US gold futures dropped 1.5% to $3,366.80.

The dip is largely attributed to a rebound in the US dollar index. Market sentiment shifted after US President Donald Trump backed away from earlier plans to dismiss Federal Reserve Chair Jerome Powell, a move that reassured investors and strengthened the dollar.

Earlier price surges were driven by a weaker dollar, recession fears, and tense US-China trade relations. Now, with the dollar stabilising, gold prices are adjusting accordingly.

For real-time updates and historical data on gold prices in Dubai, visit GoldTrade.ae.

With over 35 years of experience in journalism, copywriting, and PR, Michael Gomes is a seasoned media professional deeply rooted in the UAE’s print and digital landscape.

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Dubai warns engineering firms over costly villa designs

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Dubai Municipality has issued warnings to several engineering consultancy offices after finding that they exaggerated structural designs for citizens’ villas.

According to officials, these inflated designs went against the Dubai Building Code and led to unnecessary construction costs for property owners, without any real engineering need.

The move is part of the Municipality’s efforts to regulate Dubai’s construction sector and protect residents from extra financial burdens. Consultancy offices across the emirate had already been reminded through circulars to strictly follow approved engineering standards.

Eng. Maryam Al Muhairi, CEO of the Buildings Regulation and Permits Agency, said:

“Compliance with the Dubai Building Code is not only a legal requirement but also a professional and ethical responsibility. The goal is to ensure safe, high-quality construction without forcing citizens to pay more than necessary.”

She added that Dubai Municipality will continue to monitor consultancy offices and contractors to prevent excessive use of building materials, including steel, and ensure construction remains efficient, safe, and cost-effective.

Repeat offenders could face disciplinary measures, including poor annual evaluations or even suspension. Earlier this year, two consultancy offices were banned from licensing new projects for six months due to violations.

By cracking down on such practices, Dubai Municipality says it aims to strengthen the emirate’s construction sector, cut waste, and support sustainable urban growth.

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UAE jobs: Thousands of opportunities and internships on offer as Careers Festival returns to Ras Al Khamiah

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Jobseekers across the UAE will have the chance to connect with top employers and explore real career opportunities when the Ras Al Khaimah Jobs and Internships Festival (RAKJIF) returns on October 9. The one-day event at the RAK Exhibition Centre will feature on-the-spot interviews, internships, CV clinics, and personalised career guidance, making it one of the country’s fastest-growing career platforms for young talent and professionals alike.

Ras Al Khaimah is set to host its third edition of the Jobs & Internships Festival (RAKJIF) on Thursday, October 9, at the RAK Exhibition Centre, bringing together leading UAE employers and ambitious jobseekers.

Organised by the Sheikh Saud bin Saqr Al Qasimi Foundation for Policy Research, in partnership with the Investment and Development Office Ras Al Khaimah (IDO) and the Department of Human Resources, the festival has quickly grown into one of the UAE’s most trusted platforms for career development.

This year’s edition will feature employers across key industries, including banking, oil and gas, consulting, engineering, hospitality, and real estate, with opportunities for on-the-spot interviews, CV clinics, and personalised career guidance. More than 1,000 Emirati job seekers are expected to attend.

New for 2025 is the AI & Future of Work Forum, where international experts, business leaders, and policymakers will share insights on how artificial intelligence is reshaping recruitment, workplace culture, and the skills needed for the jobs of tomorrow.

The one-day event, running from 9am to 5pm, aims to serve as a hub for professional growth, networking, and talent development.

For more information or to register, employers and job seekers can visit www.alqasimifoundation.com/rakjif

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UAE urges businesses to file Corporate Tax returns on time to avoid fines

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The Federal Tax Authority (FTA) has reminded companies in the UAE to finalise their financial records, submit their Corporate Tax returns, and pay any tax due within the official deadlines to remain compliant with the law.

In a statement today, the FTA stressed that all Corporate Tax taxpayers, including exempt persons required to register, must file their returns (or annual declarations) and settle outstanding tax within nine months from the end of each tax period.

The Authority underlined that timely filing and payment are legal obligations, with non-compliance exposing businesses to fines and penalties for delays or non-submission.

To ensure smooth and accurate filing, the FTA advised companies to begin preparations early by compiling essential documents such as commercial licences, financial statements, and business activity details. Early readiness, it said, allows registrants to meet obligations “efficiently and on time.”

Highlighting its role in supporting businesses, the FTA stated that it remains committed to enhancing services in line with global best practices. Digital filing and payment can be completed via the EmaraTax platform, available 24/7, which offers “clarity, ease, and speed.”

The Authority also urged taxpayers to ensure that submissions are complete and accurate. Corporate Tax returns can be filed directly through EmaraTax or with the assistance of authorised tax agents listed on the FTA’s website.

Stakeholders seeking detailed guidance on Corporate Tax law, implementing decisions, and related regulations can access resources directly at tax.gov.ae.

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