Gold and jewelery outlets have recently witnessed significant activity in buying gold coins with the support of Asian traders, officials said.
They pointed out to Emirates Today that the demand to buy gold coins came within the framework of the preference of some Asian national traders to buy those products as gifts on the occasion of the festival of lights «Diwali», in addition to a number of dealers to buy currencies at small weights for the purpose of saving, in the light of stability Relative to gold prices and supported by expectations of high increases in the coming period, adding that the markets have seen limited operations to buy bullion from small weights.
In particular, the director of the shop «Fine Jewelery», Kalvish Kumar, said that «markets have recently witnessed a remarkable turnout of dealers of Asian nationalities to buy gold coins, whether in the form of abstract coins or in the form of coins embedded in necklaces or through putting them in bracelets Small.
He added that «the recent remarkable demand for gold coins due to the high demand from dealers of Asian nationalities to buy as gifts on the occasion of the festival of lights (Diwali), while some prefer to buy these products currently in the context of savings with the relative stability in prices and the spread of expectations of significant increases during the period Upcoming ». He pointed out that «the markets have seen limited demand for the purchase of new items, with some expecting price declines in stimulus rates, while recorded a slight demand for the purchase of alloys of small weights». For his part, added sales manager at «Palm Jewelry», Samir Ali, that «the shift towards the purchase of gold coins in the market recently, due to the occasion of the festival (Diwali), which is an occasion to buy gold with Asian nationalities, especially gold coins, which stimulated the Increased purchases and support the relative stability of gold prices in the recent period, and the existence of expectations for future increases in gold prices, which made a number of dealers prefer to buy currencies because it is suitable for saving and investment, as well as for the purposes of gifts and decorations by combining them in chains or small bracelets Major Ornaments ». He said that «a large part of the demand for the purchase of currencies are concentrated in small currencies, which can be easily resold, and they are not very expensive when buying, as the demand for currencies that weighed between 5 and 10 grams, with some segments focused Consumers on currencies with higher weights ». “There is a moderate demand in the market for new items, but most Asian dealers have recently started buying gold coins, whether for gifts, decorations or savings,” said Abdullah Al Tohami, sales manager at Al Sarraf Jewelery. With gold prices expected to rise in the coming period ».
gold prices
The price of a gram of 24-carat gold was 182 dirhams, an increase of 50 fils, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold recorded 171 dirhams, an increase of 50 fils, and the price of a gram of 21-carat to 163.25 dirhams The price per gram of 18-carat gold reached 140 dirhams, an increase of 50 fils.