The Dubai Gold and Jewelery Group has confirmed that gold prices have recently reached unprecedented levels at the historical level, under pressure from the development of economic repercussions in the international markets resulting from the Corona pandemic, pointing out that, according to recent prices, the total increases in gold prices exceeded 586% during 20 years.
She pointed out, in statements to «Emirates Today», that the recent developments in gold prices have raised the limits of the expected prices of gold during the coming period, according to international indicators and reports, to reach between 2000 and 2150 dollars per ounce, indicating that gold sales in Dubai started Finally in registering progressive recovery rates with the availability of flights to different countries, and with the activation of discounts on the market.
In detail, the Chairman of the Board of Directors of the Gold and Jewelery Group in Dubai, Tawhid Abdullah, said, "Gold prices have finally reached unprecedented rates at the historical level, under pressure from the pandemic repercussions (Corona) and the development of the effects of the crisis on global markets."
He added that «the total increases in gold prices during 20 years, amounting to more than 568%, according to the price limits of an ounce of gold recently, which reached about 1986 dollars, compared with price limits per ounce that reached 297 dollars at the end of 2000, which indicates that The effectiveness of investment indicators in gold in international markets during that period ». Abdullah explained that «the continuation of the pandemic (Corona) and its developments on the international level reflected the change in the estimated price limits for an ounce of gold according to market indicators, which were the beginning of the year estimated between 1600 and 1,800 dollars per ounce, then rose from 1700 to 1900 dollars per ounce, and estimates expected recently To the arrival of gold prices at the end of this year and until the beginning of next year to what ranges between 2000 and 2150 dollars per ounce. He pointed out that «gold prices continue to break the historical price limits for them and record new unprecedented indicators, which raised the rates of demand for them in international markets as a safe haven for investment, which in turn contributed to changing consumption patterns in the state’s markets, and transferring large percentages of demand To bullion and currencies, whether for investment or savings purposes, in exchange for curbing the demand for crafts, and switching to new patterns that focus on low and medium-sized or economic works, which calls for a similar shift from companies in offering what meets the needs of consumers during that period ».
He said that «the local markets have recently witnessed positive signs of a gradual recovery in demand, with the return of flights to a number of countries and the reception of tourists, in addition to offering sales in a large number of stores in Dubai, which contributed to stimulating demand.