UAE residents rush to buy gold as prices at 9-month low

UAE residents rush to buy gold as prices at 9-month low

UAE residents are rushing to buy gold after the yellow metal slumped to a nine-month low.

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On Tuesday evening, the precious metal was trading at $1,680 a troy ounce, down 23 per cent from the high of $2,072 in August last year.

In the UAE, gold was trading at Dh205.75 per gram.

“We are witnessing a significant increase in customer footfalls in the past few days as customers are increasingly buying gold, taking advantage of the recent dip in gold price and keeping the price movements in mind,” said Shamlal Ahamed, Managing Director — International Operations, Malabar Gold & Diamonds.

Joyalukkas, another big retailer in Dubai, shares the same view. “There has been good off-take and customers see the current price levels as very attractive and hence the right time to buy. Gold is one of the best investment options and considering the prevailing low-price level people should also look at gold from an investment perspective that will give decent returns in the long run,” said John Paul Alukkas, Managing Director, Joyalukkas Jewellery — International Operations. “A considerable amount of customers