UAE Gold Prices Extend Three-Week Losing Streak Amid Strong Bullion Demand

Gold prices in the UAE continued their downward trend for a third consecutive week, with a gram declining by between AED6 and AED9.75 across different gold purities compared to the previous week.

The total drop in gold prices over the past three weeks now stands at AED30.75 per gram, prompting increased demand for gold bullion, according to retailers.

Gold traders reported stronger demand for gold bullion of various weights as prices continue to move lower.

Jay Dehkan, Director of Dehkan Gold and Jewellery Trading, said the continued decline in gold prices has encouraged customers to buy bullion for saving and investment purposes.

Mang Balerk, Sales Manager at Reg Gold and Jewellery Trading, noted that demand for bullion remains stronger than demand for jewellery due to its appeal as a savings and investment tool.