UAE Gold Prices Drop Amid Strong Demand

The price of gold in the UAE has declined at the end of last week, with prices falling by between 75 fils and AED1.25 per gram across various carats compared to the previous week.

According to price indicators announced in Dubai and Sharjah, 24-karat gold fell by AED1.25 to AED487.25 per gram, while 22-karat gold declined by AED1 to AED451.25 per gram.

Retailers reported strong purchasing activity as consumers took advantage of lower prices, with demand for both gold jewellery and bullion remaining high.

Director of Ricky Gold and Jewellery Trading, Ricky Dahnak, said the decline in prices had encouraged purchases of both jewellery and bullion, citing increased demand from traders to buy bullion and jewellery at the current prices.