Tourists and Dubai Shopping offers support gold sales despite the rise in prices

At the end of last week, gold prices recorded increases with values ​​ranging between 2.5 dirhams and 3.25 dirhams per gram of various karats, compared to their prices at the end of the previous week, according to the price indicators announced in the Dubai and Sharjah markets, thus continuing the increases for two consecutive weeks, and bringing the total increases to The price of a gram will rise to 6.25 dirhams within two weeks.

Officials of gold and jewelry trade outlets confirmed to Emirates Al-Youm that despite the recent rises in the prices of the yellow metal, the increasing activity of tourists in local markets, in addition to promotional offers under the umbrella of the Dubai Shopping Festival, has supported sales of gold jewelry and jewelry.

Mang Balik, the sales manager at the “Reg” gold and jewelry trading store, said, “During the recent period, the transactions of tourist groups accounted for the largest shares of gold jewelry and jewelry sales in the markets.”

He explained that “tourist activity and its accompanying promotional offers in many sales outlets under the umbrella of the Dubai Shopping Festival have limited any negative effects of the price increases recorded by the yellow metal during the recent period.”

For his part, the director of the “Dehkan Gold and Jewelery Trading Company,” Jay Dehkan, agreed with his counterpart that transactions by tourist groups and discount offers related to the Dubai Shopping Festival activities had a positive impact in supporting sales of handicrafts and jewelry, despite the continuous price increases. which the yellow metal recorded during the recent period, and he said: “The current period is witnessing remarkable activity in tourists’ demand for sales outlets, whether in commercial shopping centers or in open markets, to buy souvenirs from… Gold jewelry or jewelry, which supports expectations of continued demand growth indicators in the markets during the coming days.”

In the same context, Adita Singh, Marketing Director at Tanshiq Gold and Jewelery Company, confirmed that the tourist movement to buy souvenirs of gold jewelry and jewelry from the country’s markets is a strong support for the activity of sales outlets, especially in light of the continuation of various promotional offers and events in local markets. .

He said that the fame of Dubai, and the UAE markets in general, for the trade in gold and jewelry, motivates many tourists to buy gifts during their visit to the country.

Gold prices

At the end of last week, the price of a gram of 24-carat gold reached 321.25 dirhams, an increase of 3.25 dirhams, compared to its price at the end of the previous week, while the price of a gram of 22-carat gold reached 297.5 dirhams, an increase of three dirhams.

In turn, the price of a gram of 21-carat gold reached 288 dirhams, an increase of three dirhams, and the price of a gram of 18-carat gold reached 246.75 dirhams, an increase of 2.5 dirhams.

. Dubai Shopping Festival offers limited any negative effects of the price increases recorded by gold.