Gold prices yesterday recorded new increases ranging between 2.5 dirhams and four dirhams per gram of different calibers, compared to their prices at the end of the previous week, according to the prices announced in the Dubai and Sharjah markets.
The new prices stimulated dealers to sell their used gold jewelry, in addition to a limited demand from them to sell bullion and gold coins, in anticipation of new increases, at a time when outlets expect a gradual improvement in the sales movement with the expected return of tourists to the markets next month.
Selling the user
The manager of «Al Ayam Jewelry» Jalish Saqr said that the return of gold to record price increases reinforced the slow demand for new gold jewelry in the market, but it motivated dealers to sell their used gold artifacts, to take advantage of the high price limits, as well On the limited demand from dealers to sell bullion and gold coins, although they prefer to keep an eye on more price hikes during the coming period.
Financial liquidity
For his part, the director of "The Jewel of Baghdad Company for Gold and Jewelry Trade" agreed that there was a demand from the dealers to sell the used gold jewelry to the stores, with the support of the new increases achieved by gold, and to benefit from the current prices in obtaining financial liquidity.
He pointed out that the recent price increases for gold reflected negatively on the sale of new artifacts,
especially in the absence of seasons and events that motivate the purchase of new gold artifacts.
He stressed that the movement of selling bullion and currencies by dealers has become limited, with an expectation to record greater price increases during the coming period.
Positive expectations
in the same context, the director of the «Dahkan Jewelery Company», Jay Dahkan, said that the new increases in gold prices made the trend inverse in the markets, in terms of the high demand of a number of dealers to sell used gold jewelry, pointing out that the sales outlets expect an improvement in Gradually selling new gold items, in the event that tourists return to the markets next month.
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Gold
Price The price of a 24-carat gold was 210 dirhams, an increase of four dirhams, compared to its prices at the end of the previous week, while the price of a 22-carat gold was 197.25 dirhams, an increase of 3.25 dirhams.
The price of a gram of 21 carats reached 188.25 dirhams, an increase of three dirhams, and the price of a gram of 18 carat gold reached 161.25 dirhams, an increase of 2.5 dirhams.