Officials of gold outlets confirmed that the markets have recently witnessed a remarkable demand from dealers to sell gold bullion saved, to take advantage of the high price limits of gold, and hedged from the record gold declines in the coming period, pointing out that the markets are witnessing a great slow in the demand for the purchase of gold jewelry New.
The price of gold, the end of last week, rose by 75 fils per gram of different caliber, compared to the end of the previous week, according to the prices announced in the markets of Dubai and Sharjah.
In detail, consumer Essam Ibrahim said that he sold two gold bullets weighing 50 grams each, in order to take advantage of the current prices, which are suitable for the sale of bullion, pointing out the possibility of prices return to decline, which prevents him from selling.
Trader Rakesh Asani said that he sold gold bars with small weights ranging from 30 to 50 grams, to take advantage of the current high price limits of gold, pointing out that his move comes as a hedge against the record price decline in the coming period.
Consumer Satish Asho said that the recent decline in gold was in large proportions, pointing out that the failure to record price increases at reasonable rates, prompted most dealers to sell what they have.
As for Ashok Sagher, the director of the Classic Dimensions store, there is a strong demand from traders to sell their saved gold bullion, especially those of medium and small weight groups, for reasons of obtaining liquidity and taking advantage of the high price limits of gold. Currently, in addition to some hedge gold dealers from any price rebound of gold, especially after recording highs unprecedented in recent weeks. He added that the market is witnessing a limited demand for selling used items, compared to selling bullion. Dilip Dehkan, the director of Hayat Jewelery, said that while there is a slowdown in the purchase of new jewelery, the selling of gold bullion in stores is growing, driven by concerns among traders that gold prices have fallen. Global market over the coming period. He expected the markets to improve in the coming period, especially with the beginning of October, which is witnessing tourism activity linked to mild weather, in addition to the presence of events and exhibitions to support the activity of visitors and shoppers.
Ali Al Yafei, director of Basalt Jewelery, pointed out that the continuation of gold at the highest price levels in more than six years, in addition to the absence of occasions and seasons that motivate dealers to buy new goldsmiths, cause slow sales outlets. He pointed out that there is a demand for dealers to sell their savings of alloys to take advantage of the high price limits of gold. It was agreed that traders are counting on the improvement of the sale during October.
At the end of the week, gold prices rose slightly by 25 fils per gram.
The price of a gram of 24-carat gold was 181.25 dirhams, an increase of 25 fils compared to the prices at the end of the previous week, while the price of a gram of 22-carat gold recorded 170.25 dirhams, an increase of 25 fils. The price per gram of 21-carat reached 162.5 dirhams, an increase of 25 fils, and the price of grams of 18-carat gold to 139.25 dirhams, an increase of 25 fils.