By: Mahmoud Gamal
Dubai – Mubasher: Gold prices in the UAE soared 10% to 25 December 2017 from the end of 2016 on the back of higher sales due to wedding seasons and tourists demand for gold bars.
Prices of 24-karat gold increased by 10.7% or AED 14.53 to AED 150.61 per gram, while 22-karat price was raised by AED 11 to AED 138.11 per gram, and 21-Karat price grew AED 12.7 to AED 131.8 per gram, according to Mubasher’s data.
The price of 18-karat gold also increased by AED 11 to AED 112.96 per gram, Mubasher added.
Youth desire to secure their savings in the UAE is one of the main reasons for the price rise of gold, said financial analyst Razan Shahwan, noting that holidays and wedding seasons are the main drive for the growth in demand.
Indians had the biggest demand for gold by the end of October, Shahwan added.
The sales of gold bars and coins are expected to grow in the coming days, given the approaching New Year’s celebrations in all over the UAE, market analyst Mohamed Zeidan told Mubasher.
Gold traders seek to boost their sales this year before putting the value-added tax (VAT) into effect, Zeidan added.
Meanwhile, Rajab Hamed, commodities analyst at Sabayik Al Kuwait Company, said that gold sales in the GCC had flourished due to the instable global political scene and the economic decisions of some countries.
Translated by: Muhammad Khalid
