Gold prices hit all-time high

Gold prices recorded significant increases at the end of last week, reaching their highest levels ever, increasing by values ​​ranging between 7.75 and 10.25 dirhams per gram of various carats, compared to their prices at the end of the previous week, according to price indicators announced in the Dubai and Sharjah markets.

Officials at gold and jewellery outlets told Al-Emarat Al-Youm that the recent price increases of the yellow metal, which recorded unprecedented rates due to geopolitical situations and changes in global markets, encouraged dealers to sell bullion, noting at the same time that there is continued demand from tourists to buy gold jewellery as gifts, but for light weight pieces.

The price of a gram of 24-karat gold reached 303.75 dirhams, an increase of 10.25 dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22-karat gold reached 281.25 dirhams, an increase of 10 dirhams. In turn, the price of a gram of 21-karat gold reached 272.25 dirhams, an increase of 9.25 dirhams, and the price of a gram of 18-karat gold reached 233.25 dirhams, an increase of 7.75 dirhams.

In this regard, the Director of “Dahkan Gold and Jewelry Trading Company”, Jay Dahkan, said that gold prices have recorded unprecedented record increases, which are the highest in history, in light of the changes witnessed by international markets from increased demand and global geopolitical variables, noting that these increases have different repercussions and effects on local markets, including an increase in the demand of dealers to sell their bullion to stores to benefit from the large price increases.

He added that the demand for selling gold bullion and coins has begun to appear in the markets, expecting it to increase in the next two days. He stressed that the recent price increases did not limit the demand and interest of tourists in buying jewelry, with a greater focus on light-weight pieces.

For his part, Mangesh Paliker, sales manager at Rig Jewellery, said that the record levels of gold prices have prompted some traders to sell gold bars and coins to benefit from price differences, noting that most of the sales were focused on medium-weight pieces, with traders anticipating new increases in the coming period.

In turn, the manager of “Masho Jewellery” store, Raj Bahi, expected that if the price increases of the yellow metal continue at their high rates, the sale of bullion by some dealers will be at higher rates in the coming days, noting that the purchase of gold jewellery is witnessing a slowdown in light of the recent price increases, but he confirmed that sales of tourists are still active, for jewellery with light weights.