Abu Dhabi: The gold and jewellery sale in Dubai increased by a phenomenal 20-30 percent in September due to a drop in gold prices, which have hit a seven-month low in the Gulf nation.
This also coincides with the fact that weddings, especially large, lavish Indian weddings, are driving massive demand for gold in the country as they have surpassed pre-pandemic levels in both scale and grandeur, Khaleej Times reported.
Gold prices drop to 7-month low
Gold prices dropped at the opening of the markets in the United Arab Emirates (UAE) on Monday morning, October 2, by half a dirham per gram, which is a seven-month low.
In Dubai, 24-carat gold price opened at 223.25 dirham per gram on Monday, as compared to last week’s close of 223.75 dirham per gram. While 22, 21, and 18 carat per gram were priced at 206.75 dirham, 200.0 dirham, and 171.5 dirham respectively.
