Gold market outlets are still witnessing a strong demand from traders to sell used gold to stores, to take advantage of gold prices that remained at high limits, and recorded new price increases to stimulate it.

They explained to Emirates Today that the current time is one of the most appropriate times for dealers to discharge used items, pointing out that the movement of buying new items, natural and logical, according to market conditions and price rises, and is expected to rise further during the next month, supported by activity Tourist.

In turn, dealers confirmed that they preferred to sell their used goldsmiths, with the current prices of gold tempting to sell, pointing out that the discharge of the old goldsmiths provide liquidity, and the opportunity to buy artefacts of modern models, in case of falling prices.

Price hikes

In detail, the price of gold at the end of last week rose by between 1.25 and 1.5 dirhams 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.

Trader Tamer Mahmoud said that he preferred to sell second-hand goldsmiths, with the current price of gold attractive for sale, pointing out that the discharge of the old goldsmiths provide liquidity, and the opportunity to buy artefacts of modern models, in case of falling prices.

Kamal Hassan, the trader, said that he toured the goldsmith shops in the gold market to get the best price for selling used goldsmiths.

Reham Abdulraheem said she was considering selling used goldsmiths for a while, but decided to sell now with high gold price limits, which also allows her to sell old items and buy newer models later at lower prices.

Significant turnout

Rikesh Dahnak, director of Rikesh Jewelers, said the market is witnessing a significant increase in the number of traders selling their used gold jewelery, supported by new gold prices.

He stressed that a large number of dealers in the sector of bullion and gold coins stopped selling what he has to stores, after gold recorded recent highs, hoping to achieve more gains in the coming period.

Appropriate time

Jay Dehkan, director of Dehkan Jewelery, attributed the large number of dealers to selling used items at the moment. He pointed out that the current time is the most suitable and the most motivating for such transactions, with prices being the highest within its limits over the past six years. He added: «There are limited sales of new goldsmiths, but is expected to increase in frequency during the next month, especially in light of expectations of price decline, and the start of the movement of tourist groups further with the improvement of weather, and its positive impact on the movement of buyers in the market».

Normal movement

In the same context, the director of «Diamond Shop» Dilip Sony, agreed that the continuation of gold prices at high price limits, and the recording of additional new increases recently, contributed to increase the pace of demand for dealers to sell their holdings of gold used, to take advantage of the differences Prices are also a good opportunity to sell older models at higher prices than they bought, and wait until price declines to buy new models. Sony considered the movement to buy new gold goods, natural according to market conditions and price hikes, pointing out that the limited turnout is logical, and is expected to rise further during the next month, supported by tourism activity.

gold prices

The price of gold at the end of last week, the rise of between 1.5 and 1.25 dirhams per gram of various carats.

The price of a gram of 24-carat gold was AED 182.75, an increase of 1.5 dirhams compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold recorded 171.75 dirhams, an increase of 1.5 dirhams.

The price of a gram of 21-carat reached 163.75 dirhams, an increase of 1.25 dirhams, and the price of grams of 18-carat gold to 140.5 dirhams, an increase of 1.25 dirhams.