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UAE: Consumers reduce their purchases of gold jewellery as the price remains above $2,000

UAE: Consumers reduce their purchases of gold jewellery as the price remains above $2,000

Dubai shoppers have temporarily reduced their purchases of gold and jewelry after the price of the precious metal reached a one-year high and crossed $2,000 an ounce this week.

The majority of UAE citizens are holding onto their gold assets and not selling, according to gold jewelry shops in Dubai, since they anticipate further price increases.

Additionally, businesses are banking on the Akshaya Tritiya and Eid Al Fitr celebrations to boost sales. On Wednesday, the price of a single ounce of precious metal exceeded $2,020.

Gold was priced at $2,007.79 per ounce on Friday morning, down 0.63 percent. The 24K price in the UAE closed on Thursday at Dh242.75 per gram, while the 22K, 21K, and 18K prices were trading at Dh224.75, Dh217.5, and Dh186.5 per gram, respectively.

Malabar Gold & Diamonds' Shamlal Ahamed said that although the market has seen an increase in the price of gold over the past few weeks, there hasn't been a corresponding rise in the number of people looking to sell their gold jewelry.

There has been a downturn in consumer spending, but Ahamed predicted that it will pass quickly because Eid and the auspicious Akshaya Tritiya celebration are just around the way, which should rekindle consumers' desire to buy.

Although there has been a temporary decline in discretionary gold purchases as a result of the constant rise in gold prices, Ramesh Kalyanaraman, executive director of Kalyan Jewellers, noted that there has been prior booking for the Akshaya Tritiya.

We are optimistic about the impending holiday and wedding season, and we have planned new collections and launched our promotions accordingly.

There has been a slight increase in customers coming in to sell or exchange their gold and jewelry, according to John Paul Alukkas, managing director for international operations at Joyalukkas Jewellery, but there are also a lot of people coming in to buy gold and jewelry in anticipation of a further increase in prices. In fact, he claimed, the business had been a little bit busier than usual.


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