By: Mahmoud Gamal

Dubai – Mubasher: Gold prices in the UAE retreated by the end of the previous week, while analysts and experts expect an increase in requests for gold as prices reached attractive levels.

By the end of the previous week, 24-karat gold decreased 1.98% or AED 2.9 to reach AED 143.21, and 22-karat gold declined AED 2.65, reaching AED 131.28.

A drop was seen in 21-karat gold as it decreased AED 2.53 to AED 125.31, while 18-karat gold tumbled AED 2.17 to reach AED 107.41.

Analysts and experts indicated that the re-drop of gold prices contributed to a large increase in buying demand from gold traders, noting that sales went up for both residents and tourists.

The continuous decline in gold prices positively impacts the gold bullions and gold currencies sector, commodities analyst Rajab Hamed said.

Hamed stated that gold sales in Ramadan were not only popular in the UAE, but also in other countries, especially in Saudi Arabia.

He expected that gold bullions and gold currencies sales will improve if prices remained at their current attractive levels.

As tourists are buying, the markets have recorded positive activity on gold and gold jewellery sales, trader George Reda said.

Translated by: Mohamed Hesham Azab