Yesterday, gold prices recorded new heights that ranged between three and four dirhams per gram of different calibers, according to the prices announced in the Dubai and Sharjah markets, while those increases come for the third week in a row, bringing the total rises, during those weeks, to 11.5 dirhams per gram, which is the highest Seven years ago.

Manafeth Gold and Jewelery Trade officials revealed that these increases are the highest in seven years, and reached the price limits of the 24-carat gram of approximately 200 dirhams, indicating that the markets have recently witnessed a remarkable slowdown in demand for the purchase of new artifacts, expecting the effects of increases to be Greater in the coming days.

international markets

In his turn, the Chairman of the Board of Directors of the Gold and Jewelery Group in Dubai, Director of the jewel company, Tawhid Abdullah, said that “the increases are due to the effects of global market changes, and are the largest in their rates for seven years, and if they continue, in the coming days, their effects will be reflected more in The demand for purchasing new artifacts, "pointing out that" the categories of dealers are currently divided between dealers looking for lower prices, and others buying for fear of registering additional new increases. "

New increases

For his part, the director of the "Fine Jewelry" company, Kalvish Kumar, added that "the new increases in gold prices, which come for the third week in a row, and reached the price limits of the yellow metal rates unprecedented seven years ago, contributed to a great state of slow demand for "The purchase of new artifacts, as reflected in the sales of tourists, has also declined significantly."

He added that «the price of a gram of 24 carats reached 199.5 dirhams and nearly 200 dirhams, which is unprecedented in the markets for years, and therefore it is natural that some dealers resort to delaying the purchase decisions currently for their requirements of handicraft gifts and resort to a state of anticipation.

Buy artifacts

In turn, the director of the "Jewel of Baghdad Company for Gold Trading", considered victory, Ward, that "the large increases in gold prices, finally, were reflected in the markets in a noticeable slowdown in the purchase of artifacts, but on the other hand it contributed to an increase in the sale of dealers to the used jewelry of the stores, in addition To the direction of some dealers to sell or buy gold coins, in anticipation of the continuation of gold prices during the coming periods, with the continued repercussions of the Corona virus in global markets.

gold prices

Yesterday, the price of gold in the country’s markets increased, ranging between three and four dirhams per gram, of various calibers.

The price of a gram of 24 carat gold was 199.5 dirhams, an increase of four dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22 carat gold amounted to 187.5 dirhams, an increase of four dirhams, and the price of a 21-carat gram reached 178.75 dirhams, An increase of 3.5 dirhams, as well as the price of a gram of 18 carat gold to 153.25 dirhams, an increase of three dirhams.

Gram price increased by 11.5 dirhams in three weeks.