Gold prices recorded yesterday's gains, ranging between 4.25 dirhams and six dirhams per gram, compared to the prices of the previous weekend, according to the prices announced in the markets of Dubai and Sharjah.
The current gold price has reached its highest level since the beginning of January 2019, and until June 20, according to data monitored by «Emirates Today».
Gold and jewelry trade officials said the recent high price hikes in gold have caused a slowdown in demand for new gold, as gold and gold used in the market are on the rise.
Used Works
Mahjoom jewelry director Rajo Bahi said there was a reluctance among most traders to buy new gold products, after the recent high price hikes in gold prices.
He added that the new price increases supported by the growing phenomenon of selling currencies and gold used, to take advantage of price differences.
He pointed out that there is limited demand by dealers on the sale of gold bullion in their possession, anticipating new price increases.
Slow demand
"The latest gold price increases have boosted the slow demand for new items, especially with the onset of the summer and its effects on tourism," said Depp Sonny, sales manager at Al Matrooshi Jewelery. It was agreed that the continuation of gold in the recording of new price hikes, stimulated a number of dealers to sell some currencies and gold alloys low-weight, to take advantage of price differences, and access to liquidity.
The National Sales Officer, O'Neill Sony, said that the markets are currently experiencing a strong demand for the sale of traders of gold coins and used, after recent increases in gold prices recently, which is the highest for a long time.
He believed that the continuation of prices at their current indicators or the recording of new price increases, will stimulate the movement of customers to sell gold bullion.
Prices of fines
The price of a 24-carat gold gram yesterday was Dhs167.25, up Dhs6, compared to the previous week's price. The price of a 22 gram gold car was valued at Dhs157.25, an increase of 5.25 dirhams.
The price of grams of 21 carats to 150 dirhams, up five dirhams, and the price of grams of gold from 18 carats to 128.5 dirhams, an increase of 4.25 dirhams.