Gold prices continued their gains for the second week in a row, recording increases at the end of last week that ranged between 1.5 and two dirhams per gram of different calibers, compared to their prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah, bringing the total increases recorded in the price of a gram of gold in Two weeks to seven dirhams.
Gold merchants told «Emirates Today» that the continuation of gold prices at high rates was one of the factors that slowed down the demand to buy new gold artifacts, pointing to the demand for selling used gold, and expected a gradual improvement in sales with the expected return of tourists, and the opening of international airports that Closed as part of the precautionary measures taken to combat the outbreak of the emerging Corona virus.
gold prices
In detail, the price of a gram of 24 carat gold recorded 215 dirhams, an increase of two dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22 carat gold recorded 202 dirhams, an increase of 1.75 dirhams. The price of a gram of 21 carats reached 192.75 dirhams, an increase of 1.75 dirhams, and the price of a gram of 18 carat gold reached 165.25 dirhams, an increase of 1.5 dirhams.
Slow request
"The director of Mashum Jewelry Company," Raj Obahi, said that the continuation of gold prices at high rates and their non-recurrence in stimulating rates was one of the factors that slowed down the demand for purchasing new gold artifacts, especially in light of the conditions the markets are currently experiencing, and the absence of tourist movement. Sales are expected to improve over the next few weeks, with flights resuming and tourists waiting to be seen from different countries, after the precautionary measures linked to the outbreak of the new Corona virus are eased. He added that despite the slow sales of new gold items, the price increases have prompted dealers to go to the stores and sell their used gold jewelry.
Gradual improvement
For his part, the director of sales at the Al-Matrooshi Jewelery store, Deep Sony, considered that the current prices are an incentive to attract dealers to sell used gold artifacts, as they exceeded high limits and reached their highest levels in eight years.
He also expected sales to gradually improve, with flights available this month, pointing to the suffering of a number of merchants from the slow demand for new gold jewelry and the recent price increases.
As for the director of "Hayat Jewelry Company", Dilip Dahkan, he said that the high prices of gold motivate some dealers to sell their holdings of used artifacts to take advantage of the price differences, agreeing to the possibility of a gradual improvement with the start of the resumption of flights and the return of tourist traffic.
Gold is globally stable
Gold settled globally yesterday, and there was no significant change in it on spot transactions, to settle at $ 1775.35 an ounce, while US gold futures fell 0.3% to $ 1785.
The advance of the yellow metal was constrained by higher sentiment in the broader financial markets, after a better-than-expected US jobs report.
As for other precious metals, palladium fell 0.4% to 1893.12 dollars an ounce, while platinum rose 0.8% to 809.50 dollars, and is heading towards achieving the first weekly gain in six weeks.
Silver gained 0.4% to $ 17.97, and is heading towards achieving its fourth consecutive weekly gain. A wasem - Reuters