you can change the value of the internal attribute _designTextIndicatorY to update the text indicator position. Default value is 267.81589, but you can use a greater value to lower down the position of the text indicator.
Example:
require(['dojox/gauges/GlossyCircularGauge','dojo/aspect', 'drawGreenYellowRedCurves', 'dojo/domReady!'], function (GlossyCircularGauge, aspect, drawGreenYellowRedCurves) {
var gauge = new GlossyCircularGauge({
background: [255, 255, 255, 0],
title: 'Value',
id: "glossyGauge",
width: 300,
height: 300,
_designTextIndicatorY: 317.81589
}, dojo.byId("CircularGauge"));
gauge.set('textIndicatorFont','normal small-caps bold 22pt Arial');
gauge.set('textIndicatorColor','#FFFFF');
aspect.after(gauge, "drawRange", drawGreenYellowRedCurves, true);
gauge.startup();
});