Retailers say jewellery and bullion purchases remain steady despite latest increase in gold prices
Dubai: Gold prices rebounded after four consecutive weeks of declines, rising by between AED 6.25 and AED 10.25 per gram across various karats by the end of last week compared with the previous week, according to price indicators published in Dubai and Sharjah. The increase follows a cumulative decline of AED 54.25 per gram over the previous four weeks.
The price of 24-karat gold reached AED 503 per gram, up AED 10.25 from the end of the previous week. The price of 22-karat gold rose to AED 466 per gram, an increase of AED 9.75, while 21-karat gold increased to AED 446.75 per gram, up AED 9.25. The price of 18-karat gold climbed to AED 383 per gram, an increase of AED 8, while 14-karat gold rose to AED 298.75 per gram, up AED 6.25.
Officials at gold and jewellery outlets said the recent rise has not significantly affected demand for gold jewellery and bullion, as prices remain at attractive levels following four consecutive weeks of declines.
Ricky Dahnak, Manager of Ricky’s Gold and Jewellery Trading, said that markets have witnessed varying levels of demand for both gold jewellery and bullion in recent weeks, noting that the latest price increases have not had a noticeable impact on purchasing activity.
He explained that demand is expected to remain stable as long as gold prices continue to stay within ranges that encourage buying.
Mohammed Dheeban, Marketing Director at Al-Romaizan Gold Trading Group, said that outlets have recorded strong demand for gold jewellery and bullion gifts, particularly amid the current attractive price levels.
He added that customers are increasingly viewing bullion products as a safe store of value and a long-term savings option, which has been reflected in strong interest from families and a wide range of customer segments.
Mang Balik, Sales Manager at Reg Gold and Jewellery Trading, said that markets have seen healthy demand for jewellery and bullion, with bullion bars and gold coins accounting for the largest share of purchases.
He attributed the sustained demand to the successive price declines recorded during previous weeks, which kept gold prices at levels that continued to stimulate buying interest.
