UAE Gold Prices Surge Ahead of Summer Holiday Season
Gold prices in the UAE have rebounded after two weeks of decline, driven by strong demand for gold jewellery and bullion ahead of the summer holiday season. The price of 24-karat gold rose to AED488.50 per gram, up AED4.25 from the previous week's close. Retailers reported that the recent price increases have had only a limited impact on consumer demand, as many customers are purchasing gold before traveling abroad.
Jay Dehkan, Manager of Dehkan Gold and Jewellery Trading, noted that purchases are being made for personal use or as gifts for relatives and friends. He added that current gold price levels remain attractive to buyers after significant declines in recent weeks. The market is witnessing strong demand from customers purchasing gold jewellery and bullion before traveling during the summer holiday season.
Raj Bahi, Sales Manager at Mash Gold and Jewellery Trading, said many customers are purchasing gold jewellery, bullion, and gold coins as gifts ahead of their summer trips. He added that among jewellery products intended as gifts, 14-karat items are currently attracting the strongest demand.