By: Mahmoud Gamal
Dubai – Mubasher: A group of gold market experts expected that the demand on the precious metal will increase in the coming period, as Eid Al Adha approaches.
The gram price of 24-Karat gold declined 1.07% month-on-month to AED 143.17 in August.
Likewise, the gram prices of 22-Karat, 21-Karat, and 18-Karat gold went down to AED 131.24, AED 125.28, and AED 107.38, respectively, in the same month.
This decline may attract investors to the gold market, which could increase the demand on the yellow metal by no less than 10% in the coming months, commodities analyst at Sabayik Al Kuwait Company Rajab Hamed told Mubasher.
The current prices confirm gold's position as a safe haven for families and investors seek to put their money on such precious commodity, which rarely loses its value, Hamed said.
Translated by: Muhammad Khalid