Dubai: Gold prices rebounded at the end of last week after two consecutive weeks of declines, recording gains of between AED2.5 and AED4.25 per gram across different karats, according to price indicators published in Dubai and Sharjah.The recovery follows a period in which gold prices fell by a cumulative AED18.75 per gram over the previous two weeks.Retailers said the recent rise in gold prices has had only a limited impact on consumer demand, with purchases of gold jewellery and bullion continuing to be supported by summer travel and gift-buying.At the end of last week, the price of 24-karat gold reached AED488.50 per gram, up AED4.25 compared with the previous week's close. The price of 22-karat gold rose by AED4 to AED452.25 per gram, while 21-karat gold increased by AED3.75 to AED433.75 per gram.Meanwhile, 18-karat gold climbed by AED3.25 to AED371.75 per gram, while 14-karat gold rose by AED2.50 to AED290 per gram.Jay Dehkan, Manager of Dehkan Gold and Jewellery Trading, said the market is witnessing strong demand from customers purchasing gold jewellery and bullion before travelling during the summer holiday season.He noted that purchases are being made either for personal use or as gifts for relatives and friends abroad.Dehkan added that current gold price levels remain attractive to buyers, particularly after the significant declines recorded in recent weeks.Deli Son, Sales Manager at Dino Gold and Jewellery Trading, said the latest price increases have not significantly affected market activity because they remain modest compared with the declines seen earlier.He added that many consumers prefer to purchase gold before departing on summer holidays.According to Son, demand is not limited to jewellery—particularly 18-karat pieces — but also extends to gold bullion, which remains popular both as a gift in smaller weights and as an investment product that can be held and sold later.Raj Bahi, Sales Manager at Mash Gold and Jewellery Trading, said many customers are purchasing gold jewellery, bullion and gold coins as gifts ahead of their summer trips.He added that, among jewellery products intended as gifts, 14-karat items are currently attracting the strongest demand.
