Gold prices recorded in the local markets, at the end of last week, new increases ranged between 5.25 and 7 dirhams per gram of various calibers, compared to their prices at the end of the previous week, according to the prices announced in the Dubai and Sharjah markets.
Gold prices continued to rise for the second week in a row, bringing the total increases in two weeks to 16.75 dirhams, to be the highest in eight years.
The price of a gram of 24-carat gold reached 209.25 dirhams, an increase of seven dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold was 196.50 dirhams, an increase of 6.5 dirhams. The price of a 21-carat gram reached 187.5 dirhams, an increase of 6.25 dirhams, and a gram of 18-carat gold reached 160.75 dirhams, an increase of 5.25 dirhams. Vice President of the Dubai Gold and Jewelery Group, Chandu Ceroya, told «Emirates Today» that the gold prices reached their highest level in eight years, pointing out that the price increases caused a very slow sales that were taking place through electronic shopping websites and social media pages, Under the current circumstances related to the virus "Corona" globally.
He pointed out that with the increase in turmoil in the international markets, the spread of the virus, and the foggy situation in global markets and exchanges, the demand for precious metals, especially gold, is rising, pointing out that the yellow metal is a favorite among investors as a safe haven, which in turn supports the expectations of continuing gold price hikes During the next period.
"With the closure of stores in the local markets, the effects were reflected on the gold trade and gold artifacts, whether in the local markets, or the supply to external markets," Serwia said.
The yellow metal preferred by investors as a safe haven.