Traders: Demand has improved despite the high prices

Shops offer gold jewelry in the colors of the country's flag on the occasion of the Union Day

Mahal: The new models of handicrafts provide an opportunity to buy gifts that express the occasion.

Emirates today

Gold prices recorded at the end of last week, increases that ranged between 4 and 5.25 dirhams for various carats, compared to their prices at the end of the previous week, according to the price indices announced in Dubai and Sharjah.

And "Emirates Today" monitored, on a tour of the markets, offering several stores of golden artifacts that include the colors of the UAE flag, along with other artifacts that include designs for the most prominent landmarks of the country, on the occasion of the country's 51st Federation Day.

Officials of outlets for the gold and jewelry trade told Emirates Today that, despite the new price hikes for gold, the market witnessed an improvement in demand for artifacts.

In detail, the price of a gram of 24 carat gold reached 218.25 dirhams at the end of last week, an increase of 5.25 dirhams, compared to its price at the end of the previous week, while the price of a gram of 22 carat reached 205 dirhams, an increase of 5 dirhams.

The price of a gram of 21 carats reached 195.5 dirhams, an increase of 4.75 dirhams, while the price of a gram of 18 carats reached 167.5 dirhams, an increase of four dirhams.

In addition, the director of the "Dahkan Jewelery" company, Jay Dahkan, said that a number of companies operating in the jewelry market offered gold artifacts and jewelry through their stores that include the colors of the UAE flag or designs for the most prominent landmarks in the country as part of the celebrations of the 51st Union Day.

He added that these new models of handicrafts allow customers to buy gifts that express the occasion.

Dahkan confirmed that despite the recent price increases recorded by the yellow metal, the markets witnessed a gradual improvement in the demand for gold jewelry, supported by the return of the demand for buying gifts with the start of the Union Day holiday, in addition to keeping pace with the holiday with the date of handing over employee salaries, which contributed increase in market demand.

For his part, the director of the "Baghdad Jewel for Gold and Jewelery Trade" company, Intisar Ward, agreed with Dehkan that the markets had recently witnessed an improvement in handicraft sales, expecting an increase in the pace of demand in the coming days.

And he considered that the relatively long period of the Union Day holiday is one of the positive indicators to support demand at greater rates, despite the high prices.

In turn, the director of the "Rakesh Jewelers" company, Rakesh Dahnak, said that offering gold products in the market in the colors of the country's flag provides customers with an opportunity to buy various gifts that coincide with the celebration of the Union Day, indicating that this supported the demand in the markets.

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