Traders: Relative improvement in sales as the "Eid" season approaches

9.25 dirhams increase in the price of a gram of gold in two weeks

The price of a gram of 24-carat gold was AED 247.75. Cinematographer: Ashok Verma

Gold prices rose, for the second week in a row, between 3.75 and 4.5 dirhams, for various karats, compared to their prices at the end of last week. The total price increases per gram of gold in two weeks reached about 9.25 dirhams.

Officials of gold and jewelry outlets told Emirates Today that despite the continued increase in gold prices, the markets have witnessed a relative and limited improvement in the demand for sales of gold jewelry.

Ahmed Samra, sales officer at Lama Jewelry Store, said that "the markets have recently witnessed a relative improvement, at varying rates, with the approach of the Eid al-Fitr season, and the purchase of gifts by some dealers, in addition to the demand of some dealers to buy gifts from new crafts during early times, before the Eid holiday."

For his part, said the sales officer in the store «Reg Jewelry», Mangish Balekra: «Although gold prices continued to rise for the second week in a row, but the markets witnessed a limited improvement in the demand for buying gifts of gold jewelry, supported by the approach of Eid al-Fitr and holidays, as dealers are heading to buy gifts of jewelry, in preparation for travel to spend the Eid holiday with their families».

He pointed out that «the markets have witnessed a growth in the demand of dealers to sell products for bullion and gold coins to stores».

The director of the shop «Dahkan Jewelry», Jay Dehkan, that «the approach of the Eid al-Fitr season activates the demand for the purchase of gifts of gold jewelry, and sales are expected to grow at greater rates during the coming period, especially with the entry of the Eid holiday».

In addition, the price of a gram of 24-carat gold reached 247.75 dirhams, an increase of 4.5 dirhams, compared to its prices at the end of last week. The price of a 22-carat gram was AED 229.5, an increase of AED 4.25. The price of a 21-carat gram reached 222.25 dirhams, a rise of 4.25 dirhams. The price of an 18-carat gram reached AED 190.5, an increase of AED 3.75.