Gold and jewelery retailers have said that the market has recently witnessed a strong demand from traders to sell their used goldsmiths to take advantage of the high price of gold, pointing to cautious transactions in the bullion and gold currencies sector, driven by the anticipation of a new rise in gold prices in the coming period.

gold prices

The prices of gold the day before yesterday, rose by ranged between 75 fils and dirhams of grams of different caliber, compared to the prices of the end of the previous week, according to the prices announced in the Dubai and Sharjah markets.

The price of a gram of 24-carat gold was 187 dirhams, an increase of one dirham compared to the price at the end of the previous week, while the price of a gram of 22-carat gold was 175.5 dirhams, an increase of 75 fils. The price per gram of 21-carat reached 167.5 dirhams, up 75 fils, and the price of grams of 18-carat gold to 143.5 dirhams, an increase of 75 fils.

Gold Used

In turn, the director of the shop «jewel Baghdad gold trade», victory reported, a large turnout of dealers currently, to sell goldsmiths used to stores, to take advantage of the high prices of gold currently, which recorded unprecedented rates, the highest in six years.

Rikesh Dahnak, director of Rikesh Jewelers, said that most market traders now prefer to resell their used jewelery shops to take advantage of the recent dramatic increases in gold prices, the highest in more than six years.

He added that some dealers are selling old models now, and is waiting for the registration of new price declines to stimulate the purchase of modern models, while other dealers are going to sell, in order to obtain adequate liquidity.

The manager of the «Rigi Jewelery» shop, Ngesh Balikra, agreed that the most prominent activity in the markets now is the turnout of a large number of dealers to sell their holdings of used goldsmiths, to take advantage of the continuation of gold to its recent highs, and get cash after the return of summer holidays .

He pointed to the presence of cautious dealings by dealers in the bullion and currency sector, with most of them looking for new price rises in the coming period.

Galesh Saqr, sales manager at Al Ayyam Jewelery, said that there are slow signs and very little demand for the purchase of the new gold jewelery, which is affected by the high prices of gold, while most of the demand is focused on selling used gold jewelery.

Gold has jumped 18% since the beginning of 2019

Global gold prices remained under pressure yesterday as strong US data encouraged investors to return to riskier assets, hurting demand for the safe haven yellow metal and pushing platinum down 3%.

Spot gold fell yesterday, 0.6% to $ 1509.41 an ounce, after falling 1% to $ 1504.30, the lowest level since August 23. US gold futures fell 0.5% to $ 1,517.9 an ounce.

Gold prices fell on Thursday 2%, after positive data for employment in the private sector and the US service sector. These dips push gold to a path of losses for the second week in a row.

Gold has jumped about 18 percent since the start of the year as the trade war stoked fears of a slowing global economy and encouraged large central banks around the world to cut interest rates.

For other precious metals, silver fell 1.4% to $ 18.37 an ounce, after falling 4.8% in the previous session. Silver remains on the upside.

Palladium fell 0.7% to $ 1,548.94, retreating after rising for three straight sessions.

Meanwhile, platinum fell 3% to $ 928.25 an ounce.