The gold prices continue to rise for the ninth consecutive week, and during the past week, the price per gram of gold of various carats increased by a total of 75 fils to 1 dirham compared to the previous week. Such data was obtained from official studies conducted in Dubai and Sharjah, with the average gold price per gram amounting to around 40.75 dirhams for the ninth week.
Retailers of gold and jewelry assert that the persistent increase in gold prices stimulates the sale of gold bars in the market and encourages people to sell their jewelry to take advantage of the rising prices of this precious metal.
Riki Dahanak, director of Riki Company for trading in gold and jewelry, stated: "We are observing the longest series of increased prices for gold across all carats with record-breaking rates," noting that the price increase is driving sales of gold bars in the market, as people sell bars of various sizes in stores to capitalize on the rising prices exceeding 40 dirhams per gram.
On the other hand, Jai Dahan from Dahan Company for trading in gold and jewelry noted that the slowdown in gold bar sales in stores dominates the market due to the continuing rise in gold prices. He added that gold prices have already risen for the ninth consecutive week with record-breaking rates, and this positively reflects on the trade of gold bars.
The price per gram of 24-carat gold reached 353.75 dirhams at the end of last week, increasing by one dirham compared to the previous week. The price for 22-carat gold per gram amounted to 329.25 dirhams, increasing by one dirham.
The cost per gram of 21-carat gold reached 315.5 dirhams, increasing by 75 fils, while the price for 18-carat gold per gram amounted to 270.5 dirhams, rising by 75 fils.
