The price of grams of gold, locally, rises of more than 36 dirhams, during the year, according to a monitoring conducted by `` Emirates Today '' on the prices of gold in the local market, during October 2018, compared to last October.

Consumers said that these increases negatively affected the purchase of gifts from goldsmiths, where they resorted to replace some of the gold gifts with other products, or have to reduce the number of pieces used to buy.

For their part, traders considered that the impact of price increases of gold, during the monitoring period, was limited in the quantities of artifacts sold in local markets.

the prices

In detail, market data, monitored by Emirates Today, revealed that the price of gold grams locally, during the year (between October 2018 and October 2019), increases of between 28 and 36.25 dirhams, of various caliber, increases of up to 25%.

The price of a gram of 24-carat gold in October last year was 145.25 dirhams, compared to 181.5 dirhams recorded in October 2019, an increase of 36.25 dirhams, an increase of 25%, while a gram of 22-carat gold was recorded during October 2018, the price of 136 dirhams, compared with 170.5 dirhams last October, an increase of 34.5 dirhams, an increase of 25%.

The price of a 21-carat gram in October last year was 130.25 dirhams, compared to 162.75 dirhams last month, an increase of 32.25 dirhams, a growth rate of 25%, while the price of a gram of 18-carat gold in October 2018 to 111.25 Dhs, compared to AED 139.5 in October 2019, an increase of AED 28, an increase of 25%.

Purchase plans

Moreover, consumer Ibrahim Ibrahim said that the increases recorded by local gold prices, from October last year to October 2019, greatly affected the plans to buy goldsmiths, which he was buying as gifts to his family periodically, by reducing the number of gifts, and go to other alternatives to them , Such as silver or electronics products.

Consumer Raed Jamal said he felt increases in gold prices, but he did not realize that they were so large, since they had been gradual for a year.

He stressed that this reflected negatively on the purchase of gifts from goldsmiths, as it is now heading to buy one gift of small size and low weight, compared to gold gifts bought last year.

Consumers, Marwa Mahmoud, said that since the beginning of this year, gold price increases have kept her away from buying gold jewelery gifts, compared to her previous years, pointing out that she resorted to replacing these gifts with other products from electronics or clothes.

Offers

Tawhid Abdullah, Chairman of Dubai Gold and Jewelery Group, said that the impact of the price rises was noticeable on the markets during the first period of the rises, until consumers became accustomed to these increases and returned to buy but not as before. Increases, pointing out that the hikes have reduced the purchase of quantities of items sold.

He added that the price increases contributed to the trend of a number of stores, to deal more flexibly by offering different offers on jewelry, in addition to the adoption of flexible policies in the negotiation of workmanship prices to attract consumers.

Limited effects

In a related development, the CEO of «Malabar Gold and Jewelery», Abdulsalam KB, that the price increases of grams of gold, locally, during the year, contributed to some limited effects on the quantities of handicrafts sold in the markets, especially during the first half of this year, but The effects have fallen as consumers become accustomed to new increases.

Kp added that the diversity of nationalities of consumers in the country, and the different buying habits, were factors to help reduce the effects of the price hikes of gold during the year on the market, which has been reduced in the effects of limited quantities of sales.

Retreat

"The price increases of gold during the year, which is significant and significant, have had an impact on the proportion of quantities and orders, a decline of between 10 and 13%, compared to last year," said the CEO of Kaloti Jewelry, Tariq Madqa. He noted that although traders were trying to control the effects through promotions, the effects continued to varying degrees.

170.5

AED, price per gram

22 carat gold,

Last October.