Dubai gold and jewelry buyers are deferring their intentions to purchase the precious metal, expecting a price decline after reaching record highs this month.
According to industry insiders, demand for the 18K variety of the precious metal, the most cheap of the four, has been steadily increasing in recent years, pushed by Millennial and Gen-Z consumers.
On Friday, precious metal prices peaked at $2,194.99, a record high. In the UAE, the 24K variation was priced at Dh263.75 per gram, while the 22K, 21K, and 18K were priced at Dh244.25, Dh236.25, and Dh202.5 per gram, respectively.
Dubai is a famous location for gold and jewelry buyers, with many people purchasing the prized yellow metal for wedding ceremonies. Buying gold jewelry is a popular activity among tourists visiting the City of Gold.
Customers are deferring their jewellery purchases for the festive season expecting a price drop,” said Shamlal Ahamed, managing director for international operations at Malabar Gold & Diamonds.
