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 ...
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