82 dirhams increase in the price of a gram of gold within 8 weeks

Gold prices continued their record rise, recording increases at the end of the week ranging between 12 and 15.75 dirhams per gram of various karats, compared to their prices at the end of last week, according to the price indicators announced in Dubai and Sharjah. These increases come for the eighth week in a row, bringing the total price increases per gram of gold to 82 dirhams over eight weeks.

Officials of gold and jewelry trading outlets told Emirates Today that gold prices reached record highs exceeding 31 dirhams per gram in just two weeks, increasing the demand for selling bullion to stores, pointing out that the activity of tourist groups in the markets supported the sales of handicrafts, the largest shares of whose sales were concentrated to tourists, with resident dealers postponing purchasing decisions.

In addition, the price of a gram of 24-carat gold reached 484.25 dirhams, an increase of 15.75 dirhams, compared to its prices at the end of the previous week. While the price of a 22-carat gram was 448.25 dirhams, an increase of 14.5 dirhams. The price of a 21-carat gram reached 429.75 dirhams, an increase of 14 dirhams. The price of an 18-carat gram was 368.5 dirhams, an increase of 12 dirhams.

The manager of the “Dehkan Gold and Jewelry Trading” store, Jay Dehkan, said, “The continuation of gold prices at record rates has motivated dealers to sell bullion products to stores to benefit from the historical increases recorded by the yellow metal.”

He explained that “the activity witnessed by the local markets for tourist groups during the current period has had a positive impact on the gold markets, with the growth in tourists’ demand for buying gifts of gold jewelry in large proportions, while supporting sales, especially in light of many dealers currently postponing the purchase decision with the successive price increases.”

For his part, the sales director at the Daimo Jewelery Trading Store, Daily Sun, said, “Tourists currently account for the largest shares of new jewelry sales, in light of the remarkable growth that Dubai markets are witnessing during the current period in the activity of tourist groups and visitors to exhibition events and business conferences,” pointing out that “the yellow metal recorded during the recent period record increases that are considered the highest in terms of continuity.” Consecutive increases for a long period, or weekly increases recorded during the recent period.

The sales official at the “Mashum Gold and Jewelry” store, Aksali Nogash, explained that “the recent price increases for the yellow metal have limited the demand of resident dealers to buy jewelry, while tourist sales have supported the continued activity of demand in the markets at remarkable rates, especially in light of the remarkable growth during the recent period of tourist groups’ interest in the gold markets, especially in Dubai.”