Gold prices in the UAE experienced a significant decline by the end of last week, falling between AED 13.5 and AED 17.5 per gram across various carats, according to official pricing indicators from Dubai and Sharjah.

Jewelry retailers reported that the sharp drop in gold prices, following weeks of record highs, has led to a noticeable uptick in demand for newly crafted gold jewelry, with expectations of continued buying momentum in the coming days.

Here are the updated gold prices per gram:

• 24K: AED 383.25 (down AED 17.5)

• 22K: AED 354.75 (down AED 16.25)

• 21K: AED 340.25 (down AED 15.5)

• 18K: AED 291.5 (down AED 13.5)

Jay Dakhan, Director of Dakhan Gold & Jewelry Trading, said that market sentiment is improving with buyers returning, encouraged by the latest price corrections. He noted that if prices stabilize, both jewelry and bullion sales are likely to continue gaining traction.

Anurag Sinha, CEO of Liali Jewellery, pointed out that demand has come from a mix of residents and international tourists, many of whom consider UAE markets ideal for purchasing gold gifts-especially amid falling gold rates.

Meanwhile, Raj Bahi, Manager of Mashu Gold & Jewelry, observed that many consumers who had previously delayed purchases due to high prices are now taking advantage of the steep drop. He added that bullion investors are closely monitoring price trends, anticipating further dips that could trigger increased buying for savings or investment purposes.