“14 carat” has jumped 5.5 dirhams since it was listed on the price screens

Gold prices returned to their rise at the end of last week, with increases ranging between 5.5 and nine dirhams per gram of various karats, compared to their prices at the end of the previous week, according to the price indicators announced in the Dubai and Sharjah markets.

The “14-carat” carat, which recently entered the market, recorded 306.25 dirhams per gram, an increase in value of 5.5 dirhams, compared to the price of 300.75 dirhams per gram when it was recently listed on the price screens.

Gold and jewelry store officials told Emirates Al-Youm that, with its recent price increases, gold recorded new record levels, considered the highest in its history, at a time when the markets witnessed a demand from traders to buy bullion, amid expectations of future new price increases for the yellow metal, while tourist groups captured the largest share of gold jewelry sales.

In turn, the manager of the “Ricky Gold and Jewelry Trading” store, Ricky Dahnak, said: “Gold recorded price increases that reached new record price levels, the highest in the history of the yellow metal, which in turn motivated many dealers to buy more gold bullion of various sizes, whether for purposes related to saving or investment, amid expectations of continued price increases in gold during the coming periods.”

He added: “The recent price increases have limited the demand for handicrafts, which in turn captured a large percentage of demand from foreign dealers from tourist groups.”

For his part, Dilip Patni, sales manager at Al Fanan Gold and Jewelery Trading, said: “In light of the recent price increases recorded by the yellow metal, many dealers are turning to buying gold bullion, with increased confidence that gold will continue to record further increases, after continuously testing new record levels, supported by increased demand for the yellow metal in global markets.”

He continued: “The demand for gold jewelry is largely concentrated among tourists, while the largest demand is concentrated for gold bullion and coins among residents, despite the recent increases in gold prices.”

In the same context, Aditya Singh, Director of the International Department of Jewelry at Titan Company, agreed that the changes in the recent price increases in the markets supported the rise in demand for bullion by many dealers, with growing levels of confidence in gold continuing to record new record levels in prices.

He said: “The boom in tourism activity supports demand rates for purchasing jewelry, especially in Dubai markets, despite the price increases, with many tourists interested in purchasing gold souvenirs from Dubai.”

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Gold prices

The price of a gram of 24-carat gold at the end of last week was 515.75 dirhams, an increase of nine dirhams, compared to its price at the end of the previous week, while the price of a gram of 22-carat gold was 477.5 dirhams, an increase of 8.25 dirhams.

In turn, the price of a 21-carat gram reached 458 dirhams, an increase of eight dirhams, and the price of an 18-carat gram reached 392.5 dirhams, an increase of 6.75 dirhams. As for the new karat gold in Dubai markets (14 karat), it reached 306.25 dirhams, an increase of 5.5 dirhams, as it was recently listed in the markets at a price of 300.75 dirhams per gram.

. Tourists account for the largest share of gold jewelry sales.