The Gold Rush in UAE: Record Prices and High Demand

2023-12-05 07:34:47

Abu Dhabi: Despite the record price, gold shops in the UAE are crowded. Traders reveal that there is a huge boom in the gold business in the country.

Experts say that people are rushing to buy gold in anticipation that the price may rise further. Nishin Tasleem, Chairman of Nishika Jewelery in the UAE, says there has been a significant increase in sales in recent times.

The trend of increasing gold prices is pushing UAE residents, including expatriates, to buy gold at record prices. Rising prices compared to the past increase the demand for gold. Although the quantity of gold purchased is less, there has been an increase in the number of people reaching the shops’ – explains Nishin. On Friday, gold had touched $2,075 (Rs 1,73,028.23) an ounce.

Suresh Babu, expatriate and general manager of Saiba Jewellers, says that all outlets in Dubai are experiencing an increase in sales. Suresh Babu also stated that one of the reasons for this is the calculation that the price will increase further. Experts point out that the price of gold can reach up to 2400 dollars. Usually, gold prices go up when December is Asana. Therefore, he said, the e-trend is expected to continue.

Malabar Gold and Diamonds Managing Director Shamlal Ahmad said that gold prices will continue their rising trend. “Gold prices have broken important milestones. Investors see gold as a safe haven. Ahmad added that gold prices are expected to rise further in the coming weeks.

Traders point to an increase in the number of tourists arriving in the country as another reason for the rise in sales. A big reason is that many Indians have returned to Dubai following the Diwali holidays. Many people visit Dubai during December as the weather is very favorable. Therefore, the demand for gold is expected to increase further, she said. She also shared hope that the upcoming Dubai Shopping Festival will fuel this trend.

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