UAE residents actively sell gold

Some residents of the United Arab Emirates have become more willing to sell gold and jewellery as prices for the metal hit record highs and investors look for new opportunities to make money.

Gold prices hit a record high of US$ 2,395.29 an ounce, while US gold futures were trading at US$ 2,401.8 an ounce. Prices rose as central banks continued to buy gold to replenish reserves.

In the UAE, 24K gold sold at AED 289.5 per gram, while 22K, 21K and 18K gold sold at AED 268.25, AED 259.5 and AED 222.5 per gram respectively. Today, UAE residents can make good money by selling gold jewellery, coins and bars at the peak of their prices.

At the same time, there are those who perceive gold as a long-term investment and prefer to save assets. Meanwhile, on 22 April, the easing of worries about the escalation of the Middle East conflict increased investors’ appetite for risk, reducing demand for the precious metal.

The spot price of gold fell by 1.29 per cent. As experts note, the concern that tensions between Iran and Israel may escalate into a full-scale war has somewhat diminished, which has hit the interest of traders in safe haven assets.

Citi estimates that gold and silver prices will reach US$ 2,500 and US$ 30-32 per ounce respectively in the second half of 2024, despite a possible temporary pullback towards the end of the second quarter.

Source: Khaleej Times

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