Officials of jewelry and goldsmiths outlets reported that the markets witnessed a demand for gifts of new goldsmiths with growth rates ranging between 10 and 20%, with support from the nation's National Day holiday and the relative stability in gold prices.

They explained to «Emirates Today» that the length of the holiday period motivated a large number of dealers to buy gifts, especially with the holiday keeping pace with the period of receiving salaries, and in light of the relative stability of prices during the past days, pointing out that the demand focuses heavily on cutting small weight items, In addition to gold coins.

And the prices of gold recorded at the end of last week, rises ranging between 1.75 and 2.25 dirhams per gram of various calibers, according to the prices announced in the Dubai and Sharjah markets.

Stimulating demand

In detail, the sales official of the "Diamond" jewelry store, Dilip Sony, said that the "National Day" and "Martyr's Day" holidays had a positive reflection on the markets, especially with the relative stability in gold prices.

He explained that the length of the holiday period motivated a large number of dealers to purchase gifts of golden artifacts, which increased their sales rates by rates of up to 20% compared to the regular days.

He added that despite the end of the holiday, the markets are still witnessing a demand for gifts of golden artifacts, especially since the prices are still within the incentive limits for the purchase.

Holiday period

In turn, the manager of the "Mashum" jewelry store, Raj Obahi, agreed that the length of the national day holiday that came after the Shaheed and weekend holidays had positive repercussions in stimulating the markets to buy new gold jewelry by approximately 10%.

He stressed that the demand for purchase continued in the markets during the recent period, as the price increases did not affect turnout rates, especially with the continued holiday among a number of dealers and the preparation for various occasions such as weddings.

In the same context, the director of the «Dahkan Jewelery Company», Jay Dahkan, said that the gold markets have recently witnessed increases ranging between 10 and 20% in demand for the purchase of new artifacts, due to various factors including the length of the holiday period for the national day, the relative stability of prices, and the preference of some dealers to establish Wedding occasions during that period, and the weather improved.

Caliber prices

Gold prices recorded at the end of last week, increases ranging between 1.75 and 2.25 dirhams per gram of various calibers.

The price of a gram of 24-carat gold reached 178.75 dirhams, an increase of 2.25 dirhams, compared to prices in the previous week, while the price of a gram of 22-carat gold reached 167.75 dirhams, an increase of two dirhams.

The price of a gram of 21 carats reached 160.25 dirhams, an increase of two dirhams, and the price of a gram of 18 carat gold reached 135.25 dirhams, an increase of 1.75 dirhams.