Gold prices rose at the end of last week, ranging between three and four dirhams per gram of different caliber, compared to prices at the end of the previous week, according to prices announced in the markets of Dubai and Sharjah.
“The markets have seen a mixed turnout, especially on low-value gold jewelery, from Gulf and Arab tourists, while gold and bullion sales have been stagnant in demand,” said officials at gold outlets for Emirates Today.
In addition, the price of 24 grams of gold 24 carat 162.25 dirhams, an increase of four dirhams, compared to the price in the previous week. The 22-carat gold price of 22.5 carats was 152.5 dirhams, an increase of four dirhams, while the price of gram of 21 carats to 145.5 dirhams, up by 3.75 dirhams, while the price of grams of gold 18 carat 124.5 dirhams, an increase of three dirhams.
The sales manager of the Ashoka Jewelry Store, Jimon Sriak, said that despite the recent record gold prices for new heights, the outlets have seen a turnout of Gulf tourists and Arabs to buy small gold objects, pointing out that the holiday of Eid al-Adha past contributed Significant improvement in sales levels, both from residents and tourists.
He added that the sales of bullion and gold coins are in a state of stagnation in demand, given the current prices, for customers, whether for investment or saving.
Mr. Mohammed Rafiq, Director of Ali Ammar Precious Stones & Jewelery, agreed with Sariac in the role of tourists in supporting the sales movement. He added that the markets are currently witnessing a demand by Gulf and Arab tourists for the gold items purchased as souvenirs, Residents are cautious to buy for their own events, as gold keeps rising, especially as it continues to rise for three weeks, finally recording gains of AED 4.
He pointed out that sales fell relatively after the holiday of Eid al-Adha, which saw an increase in sales.
In the same context, the director of Hayat Jewelers, Dilip Dahkan, pointed out that the recent price increases of gold have reduced the demand in the market after the holiday of Eid al-Adha, and made most purchases are limited to Arab and Gulf tourists specifically, who spend their holidays in the country, Demand is heavily on gold bullion and bullion.