The price of gold recorded, yesterday, yesterday, increases ranging between 11 and 14.25 dirhams per gram of various calibers, according to the prices announced in the Dubai and Sharjah markets, compared to their prices at the end of the previous week.

Dubai Gold and Jewelery Group reported that the return of gold prices to increase after declines during the previous week was due to the intensity of the turmoil in global markets, noting that purchases locally, through social networking pages, or websites of stores in the country.

Gram price

In detail, the price of a gram of 24 carat gold reached 193.5 dirhams, an increase of 14.25 dirhams, compared to its prices at the end of the previous week. The gram price of 22 carats recorded 181.75 dirhams, an increase of 13.75 dirhams. The price of a 21-carat gram reached 173.5 dirhams, an increase of 12.75 dirhams. The price of a gram of 18 carat gold reached 148.75 dirhams, an increase of 11 dirhams.

Great hike

In turn, the Chairman of the Board of Directors of the Dubai Gold and Jewelery Group, Tawhid Abdullah, said that the return of gold prices to record increases of great value after the declines recorded during the previous week, is due to the severity of global markets turmoil and the increase in demand from global investors on the yellow metal, as a safe haven During the current investment conditions.

He pointed out to «Emirates Today» that with the closure of the gold and jewelry trading outlets in the local markets since last Tuesday, in light of the procedures to confront the spread of the Corona virus emerging in the country, trade and demand operations focused only on pages of social networking via “Instagram” or “ Facebook », or through e-commerce sites affiliated with the companies that trade in jewelry and jewelry, and they are done according to the usual regulations of e-commerce by selecting parts and delivering them to dealers.

He added that with the focus and activity of the demand on e-commerce pages, it is important that dealers accept purchasing from the sites of legally licensed companies, while ensuring that official invoices are documented from those companies, ensuring all the rights of consumers.

He pointed out that although trade is currently limited to the systems of websites and social media pages, in the current circumstances it is very limited, and it is limited to some small pieces of work or some alloys of medium size, which some buy for purposes related to savings or investment. ِ

Gold for the best weekly performance globally since 2008

Gold retreated yesterday, as investors sold the yellow metal to take profits, but it is heading to record the best weekly performance since December 2008, as a record rise in US jobless claims due to the Corona virus fueled hopes for more stimulus to curb the economic damage caused by the pandemic.

Meanwhile, the platinum and palladium used for self-stimulation tended to achieve the largest weekly gain ever, as the shutdown in South Africa, a large producer, has fueled supply concerns.

And gold fell in the spot transactions 0.3% to 1624.41 dollars an ounce (ounce), after five consecutive sessions of gains. And gold fell in US futures 0.5% to 1643.3 dollars an ounce.

The yellow metal has gained more than 8.4% since the beginning of last week, supported by weak US data and unprecedented economic stimulus measures taken by the Federal Reserve (the US central bank).

"I don't see any real reason for selling gold right now, other than the possibility of profit taking before the end of the week," said Stephen Ines, chief market strategist at Axi Corp Financial Services.

He added, "Everything is still good for gold, except for the frightened need to sell in order to obtain liquidity."

The Speaker of the US House of Representatives, Nancy Pelosi, said that she expects the House to pass a two trillion dollar bill to reduce the impact of the virus, after the approval of the Senate last Wednesday.

Asian stocks rose, as investors bet that policymakers will implement more stimulus measures to combat the epidemic, after US jobless claims rose to a record low of 3.28 million last week.

"The data are supportive of gold, as it fuels expectations for more financial measures, more quantitative easing and other moves on the part of the (US Central)," said Avtar Sandow, senior director of commodities at futures contracts.

As for other precious metals, palladium rose 1.8% to 2373.08 dollars an ounce, after increasing more than 44% since the beginning of the week, while platinum rose 1.7% to 748.51 dollars an ounce and gained 22% in a week.

Silver rose 1% to $ 14.54 an ounce, and headed towards achieving the best weekly performance since 2008. London ■ Reuters

External factors behind the return of gold prices to increase domestically.

The price of a 21-carat gram rose to 173.5 dirhams, an increase of 12.75 dirhams.

193.5

Dhs price of a gram of 24 carat gold, an increase of 14.25 dirhams.