This Eid Al Fitr, purchasing gold jewelry in the United Arab Emirates has become more expensive as prices hit an all-time high on Monday.
In Dubai and the UAE, the sale of gold jewelry increases around significant holidays like Eid, when many locals and tourists purchase priceless metal accessories as presents. But, given that costs have steadily risen for the past few months, consumers will have to spend more money on jewelry this Eid.
On Monday morning, the 24K version of the yellow metal saw its price increase from Dh1.5 per gram to Dh283.5 per gram, the highest amount the variety has ever had. The prices of the remaining variations, which are 22K, 21K, and 18K, were likewise at an all-time high of Dh262.5, Dh254.25, and Dh217.75 per gram, respectively.
Thus far this month, the price of precious metals in the UAE has increased by around Dh10 per gram.
This week is Eid Al Fitr, a nine-day holiday many UAE workers celebrate. To declare Eid Al Fitr, the moon sighting committee was to meet in UEA on Monday. If the crescent cannot be seen on Monday, which is today, Eid Al Fitr will be observed on Wednesday.
Because visitors are only in the City of Gold briefly and want to make the most of their trip, gold jewelry dealers in Dubai claim that tourists don’t usually hold off on buying when prices are at their highest.
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