Gold prices have revived their growth, ending last week with an increase from 5.75 to 7.75 dirhams per gram for different carats compared to prices at the end of the previous week. This information was communicated by representatives of jewelry stores for the newspaper "Emirates Today," adding that the price increase affected the market activity concerning the purchase of new gold jewelry, which showed different demand rates. It is noted that after the end of the month of Ramadan, demand has weakened, resulting in a slowdown in sales.
A gram of 24-carat gold currently costs 351 dirhams, with an increase of 7.75 dirhams, while a gram of 22-carat gold costs 326.5 dirhams, reflecting an increase of seven dirhams. The price of a gram of 21-carat gold is 313 dirhams, up by 6.25 dirhams, and a gram of 18-carat gold is priced at 268.25 dirhams, with a rise of 5.75 dirhams.
Daleh Son, the sales director at "Daima Jewelers," noted that the rise in gold prices reflected in new jewelry, which showed slow sales due to a lack of incentives and a related quietness in the market during Ramadan. He added that usually, closer to the holiday of al-Fitr, the market revives due to demand for jewelry as gifts.
Rajh Bahi, the store director of "Mashu Jewelers," noted that the restoration of gold prices following their reduction last week led to a decrease in demand for new jewelry. He added that the market quietness during Ramadan supported slow sales of jewelry, and that many are expecting new price rises for gold in global markets. In connection with this, it is challenging to expect the activation of sales.
Riki Dahanak, the director of "Riki Jewelers," stated that while many prefer to buy jewelry during Ramadan, the recovery of gold prices has led to a slowdown in demand. He also mentioned that many prefer to buy jewelry before the holiday of al-Fitr, and that this period is considered significant for the market.
