UAE Gold Prices Fall for Second Straight Week Amid Bullion Bar Surge

Gold prices in the UAE have continued to decline for a second consecutive week, with a gram of gold falling by AED1.75 to AED3 across different carats compared to the previous week.

The total decline over the past two weeks has reached AED21 per gram, encouraging some investors to return to the market, particularly buyers of bullion bars.

Retailers said that falling prices have boosted demand for small and medium-sized bars, but overall demand remains subdued as some buyers continue to anticipate further price declines.

According to Rikesh Dhanak, Director of Riki Gold and Jewellery Trading, the continued drop in prices has stimulated demand for bullion bars, although it remains limited due to waiting for further price reductions.