Gold prices in Dubai and Sharjah see an AED 82 rise over eight weeks, driven by tourist demand and soaring bullion sales.

Gold prices continued their historic climb, posting increases between AED 12 and AED 15.75 per gram across various carats by the end of the week. According to price indicators in Dubai and Sharjah, this marks the eighth consecutive week of rises, bringing the total increase for gold per gram to AED 82 over eight weeks.

Retailers within the gold and jewelry trade shared with Akhbrna News that the impressive surge-exceeding AED 31 per gram in just two weeks-has led to a notable uptick in bullion sales back to stores. The vibrant activity from tourist groups bolstered these transactions as much of the jewelry is being purchased by tourists, with many local buyers delaying their purchases.

The price of 24-carat gold reached AED 484.25 per gram, up by AED 15.75 from last week’s end. Meanwhile, 22-carat gold priced at AED 448.25 saw an increase of AED 14.5, while 21-carat gold hit AED 429.75 after a rise of AED 14. The price for 18-carat gold rose by AED 12 to settle at AED 368.5.

Jay Dhakan, manager at Dhakan Gold & Jewelry Trading, noted that these record-setting price hikes have encouraged customers to sell bullion products back to stores to capitalize on the historically high values of gold.

He explained that current market dynamics driven by active tourist groups have positively impacted local markets. Tourists increasingly purchase gold jewelry as souvenirs at substantial rates; meanwhile, many residents are postponing buying due to ongoing price escalations.

In his comments, Dili Sun, sales manager at Daimu Jewelry Trading, pointed out that tourists currently dominate new jewelry sales amid growing tourism activity and business events in Dubai's thriving market atmosphere.

Aksiali Nugash from Mashoom Gold & Jewelry remarked on how recent price hikes have dampened resident purchasing but simultaneously supported sustained demand from tourists-a key factor propelling brisk trading activities recently seen in Dubai's renowned gold markets.