UAE Gold Prices Fall to New Lows, Spurring Demand for Bullion and Jewellery
Gold prices in the UAE have continued their downward trend for a second consecutive week, reaching new lows. According to price indicators in Dubai and Sharjah, gold prices have fallen by up to Dh28.5 per gram over two weeks.
The latest declines mean that the price of 24-carat gold has dropped to Dh499 per gram, down from Dh516.5 per gram at the end of the previous week. Other categories also saw significant drops: 22-carat gold fell to Dh462 per gram, a decrease of Dh16.25; 21-carat gold reached Dh443 per gram, down Dh15.5; and 18-carat gold fell to Dh379.75 per gram, a decline of Dh13.25.
The price drop has stimulated demand for bullion and jewellery purchases across the UAE, with retailers reporting increased activity in their stores. Mohammed Dheeban, Marketing Manager at Al-Rumaizan Gold and Jewellery Trading Company, said that 'the significant decline in the price of the yellow metal during the recent period has positively impacted demand in the markets.'
Gold and jewellery retailers are now competing to attract customers with promotions, incentives, and new jewellery designs. Ahmed Aneizan, Deputy CEO of Salem Al Shuaibi Jewellery Company, noted that 'current gold price levels are encouraging for buying, whether for bullion or new jewellery gifts of various categories.'