Yesterday, gold prices recorded gains ranging between 7.5 and 9.75 dirhams per gram of various calibers, according to the prices announced in the Dubai and Sharjah markets, compared to their prices at the end of the previous week.
The price of a gram of 24-carat gold reached 202.25 dirhams, an increase of 9.75 dirhams, while the price of a gram of 22-carat gold was 190 dirhams, an increase of 9.25 dirhams. The price of a 21-carat gram reached 181.25 dirhams, an increase of 8.75 dirhams, and a gram of 18-carat gold reached 155.5 dirhams, an increase of 7.5 dirhams.
The Chairman of the Board of Directors of the Gold and Jewelery Group in Dubai, Tawhid Abdullah, said that registering gold prices for increases in large proportions comes with the rise in turmoil in global markets affected by the repercussions of the spread of the Corona virus emerging (Covid 19), which raised the rates of demand for minerals in general, especially On the yellow metal, and in turn was reflected in the increase in prices globally and locally.
He added that although trading in the sale of gold jewelry is currently taking place through social media pages and corporate websites on the Internet, the new price increases have implications for demand through e-commerce sites, towards slowdown, especially since the increases have been made in large proportions.
Abdullah expected that gold prices will witness additional increases gradually in the coming weeks, so that the price of an ounce ranges between 1750 dirhams and 1,800 dollars during next May, compared to 1,682 dollars currently.
He pointed out that the highest expectations about the rise in gold prices at the beginning of 2020 were that the price of an ounce reach 1600 dollars, but that the rapid developments of the spread of the "Corona" virus globally pushed the price limits of gold to excellent rates.
- The price of a gram of 24 carat gold recorded 202.25 dirhams, an increase of 9.75 dirhams.