Gold prices returned to their highs at the end of last week, after two-week consecutive declines, to record increases ranging between three and 3.75 dirhams per gram of various calibers, compared to their prices at the end of the previous week, according to the prices announced in the Dubai and Sharjah markets.
Officials of jewelry and gold jewelry outlets said that the rebound in gold prices once again caused slow purchasing movement at a time when the markets witnessed limited transactions to sell gold bullion dealers to take advantage of the high price limits for gold, and as a hedge from the return of prices to new declines in large proportions, pointing Until most merchants are counting on Eid al-Fitr holiday to improve sales.
The price of a gram of 24-carat gold was 209.5 dirhams, a decrease of 3.75 dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold was 196.75 dirhams, a decrease of 3.5 dirhams.
The price of a gram of 21 carats reached 187.75 dirhams, a decrease of 3.25 dirhams, and the price of a gram of 18 carat gold reached 161 dirhams, a decline of three dirhams.
The director of "Hayat Jewelry Company", Dilip Dahkan, said that the return of gold prices to record new highs reinforced the manifestations of the slow pace of buying new gold works, especially in the absence of tourist groups currently.
He added that the recent period witnessed limited transactions represented in the sale of gold bars of medium size dealers. He pointed out that a large number of merchants are relying on the Eid al-Fitr holiday, and the days that precede it, for the return of activity and the improvement in sales of gold jewelry.
The manager of sales at the Al-Ayyam Jewelery Company, Jalish Saqr, agreed that registering gold for new price increases slowed down the demand for gold jewelery.
He expected sales to improve, regardless of prices, in the coming days, with the approaching Eid Al Fitr season, which most traders count on to restore activity for sales.
He pointed out that some dealers are currently seeking to take advantage of the high prices of the yellow metal, by selling their gold bars in their possession, and obtaining financial liquidity, especially with the expectations of price returns to record declines in large proportions during the coming period.
As for the sales manager at the "Rigi Jewelery Store", Manjish Palikra, he saw that the recent price increases were a catalyst for bullion sales from medium weights, describing it as a "cautious sale" in order to take advantage of price increases, to obtain financial liquidity, or to hedge against declines Great new price. Palikra predicted that the Eid Al-Fitr period would see an improvement in sales of gold jewelry.
The rebound to the price, once again slowed down the buying movement.
Limited selling of bullion, to take advantage of the high price limits for gold.