Dubai witnesses rise in gold demand as prices fell

Dubai's historic Dubai Souq witnessed a rise in gold sales as prices declined. One supplier stated that business had increased over 30% during a regular month due to the price fall, Eid Al Adha holidays as well as pent-up demand caused by the COVID-19 pandemic.

Dubai’s historic Dubai Souq witnessed a rise in gold sales as prices declined.

One supplier stated that business had increased over 30% during a regular month due to the price fall, Eid Al Adha holidays as well as pent-up demand caused by the COVID-19 pandemic.

Advertisement

Other retailers stated that they had witnessed a rise in gold than usual in the last few days.

One gram of 22-carat gold was priced at Dh198 ($53) in Dubai on Friday, July 8, with the cost now dropping to less than Dh200 for the first time in 2022.

Dubai Gold Souq shopper said, “It’s risky to wait. The best time to purchase is now.”

The director of Nimisha Jewellery in Dubai, Satyen Choksi, said that the surge has been going on for a while now and the market is up by 30% during a regular month.

Choksi, whose wholesale business offers precious metals to shops in Deira Gold Souq, stated huge sales were also recorded at the time of Eid Al Fitr.

“Every time the cost comes down, people grab this opportunity,” he said.

Advertisement

People are facing the July heat at the Deira market to take benefit of such deals.

The director of Dhakan Jewellers, Vishal Dhakan, stated that the dropping price makes the customers more interested in buying gold.

Dhakan, who has 14 shops of his business in Dubai, with the first one opening in 1978, stated that custom had been quick this year, with business also grown by the partnership deal signed in February between India and the UAE.

This resulted in the scrapping of a 5% import duty on jewellery exported to the United Arab Emirates from India. In comparison, the subcontinent has consented to a 1% tax concession on gold imports from the UAE.

The most famous pieces at the souq were generally 22-carat bangles and necklaces. Many visitors won’t return till the autumn, stated traders.

Tariq Saeed

Read More

PM Terrance Drew addresses nation during SKNLP 90th anniversary Church Service

St Kitts and Nevis: Prime Minister Dr Terrance Drew addressed the nation during St Kitts and Nevis Labour Party's 90th anniversary Church Service on Sunday, January 22, 2023. He stated, “People, Transparency, Stability is Always Our #1 Priority”.

St Kitts and Nevis: PM Terrance Drew pays tribute to Late Comrade C.F Bryant in Wreath Laying Ceremony

 Dr Terrance Drew – The Prime Minister of the Federation of St Kitts and Nevis, has participated in the Wreath Laying Ceremony held yesterday, 30 April 2023, at 2:30 pm on the sidelines of the ongoing Labour Day Weekend Celebrations, 2023 in the country.

Gold prices drop in Dubai by 0.83%

Gold prices in Dubai dropped on Monday, 25 April, to their lowest in more than two weeks, as stakes for an increasingly hawkish and aggressive US Federal Reserve approach to tighten the monetary policy raised the dollar and pressured the market for bullion.

Recent

UAE Insurers Reject Claims of Motorists Driving in Flooded Streets Amid Historic Rains

Third-party liability plans typically exclude such events. Avinash Babur, CEO of Insurancemarket. ae, clarified that insurers are denying total loss claims where it is determined that drivers knowingly navigated through floodwaters

Citizenship by Investment Programme of Saint Lucia invests in youth for their secure future

Youth plays a very crucial role in every nation; countries across the globe have realized the importance of investing in Youth by providing essential opportunities, amenities, better healthcare along with advanced education, which would further generate employment leading to a higher quality of life across the nation.

BSAK recognises two students for their success in Abu Dhabi Young Musician of Year 2023

Abu Dhabi: The British School Al Khubairat recognised two of its students - Kenodh and Sara, for winning awards in different categories of Abu Dhabi Young Musician of the Year 2023.
admin