Despite record-high prices, demand for buying gold and jewelry in the UAE continues to grow. Gold and jewelry merchants have reported that the demand for gold by citizens, tourists, and residents has increased recently, with only a small group being affected by the price hike. Ahmed Anizan, Director of Public Relations and Development at the Salem Al-Shuaibi Jewelery Foundation, explained that the increase in demand is due to consumers’ awareness of gold prices as a safe haven during economic fluctuations.
According to Anizan, gold prices will continue to rise until they reach $2,500 per ounce in the next two months. He attributed the increased demand for gold and jewelry in the UAE to current volatile geopolitical and economic conditions worldwide. Tourists are especially eager to purchase quantities of gold during their visits to the country.
The prices of gold in the UAE have reached record levels. One gram of 24-karat gold costs 282 dirhams, 22-karat is priced at 261.25 dirhams, 21-karat is valued at 252.75 dirhams, and 18-karat is worth 216.75 dirhams. Fear of further price hikes has motivated many consumers to buy gold as a long-term investment and a safe option in uncertain economic times.
Gold buyers in the country include tourists, individuals requiring it for special occasions like weddings, and investors seeking a stable investment option. Muhammad Murhaf Al-Habyan, a gold and jewelry seller in Dubai, noted that people’s demand for gold has increased despite rising prices due to its perceived security as an investment option.
In conclusion, despite high prices for buying gold and jewelry in the UAE, consumer demand remains strong as they see it as a safe haven during economic fluctuations. The trend suggests that this trend may continue for some time with further price increases predicted by experts like Ahmed Anizan from Salem Al-Shuaibi Jewelery Foundation
