Over the past two weeks, the cumulative increase has reached AED 12.75 per gram, prompting a noticeable trend: more customers are choosing to sell their gold bullion to capitalize on the price surge, while purchases of new jewellery and bullion products have slowed.

According to the latest rates, 24-karat gold climbed to AED 400.75 per gram, marking an AED 8.75 increase compared to the previous week. Meanwhile, 22-karat gold reached AED 371, up by AED 8.5, and 21-karat gold rose to AED 355.75, an AED 8 increase. The price of 18-karat gold also grew, hitting AED 305, up by AED 7.

Rakesh Dhanak, Director at Rakesh Jewellery Trading, noted that the persistent rise in gold prices has had a clear impact on the local market. “We’ve seen a noticeable increase in customers selling bullion products to retail stores to benefit from the higher prices,” he said.

He also highlighted a slowdown in purchasing activity, particularly among customers who have chosen to delay buying gold jewellery or bullion, anticipating further price fluctuations. “The rising trend has made many hesitant to buy at these levels,” Dhanak added.

Dilip Dhakan, Manager at Hayat Jewellery, echoed these sentiments, stating that while more people are selling their gold bars, the process is still cautious and gradual. “Many are waiting to see if prices will rise even further before making a move,” he explained.

Manji Balikar, Sales Manager at Regal Jewellers, confirmed the trend, saying, “The recent spike in gold prices has encouraged more customers to sell their bullion, but buying interest remains subdued.”

As global economic uncertainty continues to drive demand for gold as a safe haven, local markets are likely to see ongoing fluctuations, with both buyers and sellers keeping a close watch on price trends.

Gold Prices Hit New Highs, Prompting Sellers to Act While Buyers Hold Back

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