The Gold Souq in Dubai.
PHOTO BY ARCHIVE
DUBAI – The price of gold continued to increase on Monday (May 18), with 22-carat gold retailing for Dh200 per gram in Dubai.
Analysts say gold prices are going to continue rising in the coming months as more people invest in the commodity.
KP Abdul Salam, group executive editor of Malabar Group, said 22-carat gold in Dubai may reach up to Dh220 per gram by December.
“It is the only asset which is appreciating. All other assets such as stock market and property prices are on the losing side,” Salam said.
He said people tend to buy gold because it can be “easily liquidated”.
Meanwhile, UAE gold sellers have also seen a surge in people selling gold as a means to augment their income during the coronavirus pandemic.
John Paul Alukkas, Executive Director, Joyalukkas Group, had said in an interview in April that more expatriates were selling gold amid the crisis.
“The reason why people may be selling gold especially in this scenario is because they want to secure cash when the price of gold is high and also because there are many job losses and salary cuts,” Alukkas said.
Gold can be resold at any UAE gold shop, including the iconic Gold Souq in Dubai’s Deira area, which reopened on April 29. Retailers at the Gold Souq are operating at reduced hours, with stringent new rules to follow.
Retail stores are open from 11am to 9pm, while wholesale officers are open from 10am to 5pm as Dubai observes preventive measures against the spread of coronavirus. ICA/Expat Media
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