Gold prices recorded, at the end of last week, increases ranging between 3.5 and 4.5 dirhams per gram of different calibers, compared to their prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah.
The price increases achieved by the yellow metal, for the third week in a row, bringing the total price increases of gold grams to 11.5 dirhams within three weeks, at a time when gold bullion trading was selling and buying.
Bullion trade
Director of the «Dahkan Jewelery Company», Jay Dahkan, said that the markets witnessed a demand by dealers to sell gold bars, supported by the increases recorded by the yellow metal in large proportions, pointing out that these increases come for the third week in a row.
He pointed out that other dealers, at lower rates, were buying gold bars, as a precaution against gold registering new price increases during the coming period.
Cautious transactions
In turn, the director of the "Annan Jewelry" store, Abdulaziz Al-Khatib, considered that the continued gold record price increases for the third week in a row, reflected negatively on the rates of demand for the purchase of new artifacts, but it contributed to increasing the demand of dealers to sell their holdings of alloys to stores, to take advantage of Price differences, in addition to the purchase of bullion dealers, as a hedge from the expected rise in gold by greater proportions during the coming period, pointing out that most bullion purchases are made with caution and are concentrated in small weights.
In the same context, the director of the «Baghdad Jewelry» company, Rowad Zia Al-Saudi, said that a number of dealers in bullion for the purposes of saving or investing, he finally preferred to sell them, in order to take advantage of the increases recorded in gold prices.
He pointed out that the large price increases for gold reflected negatively on indicators of buying new artifacts, pointing out that traders are counting on the return of tourist groups to the markets during the coming period to reactivate sales.
gold prices
The price of a gram of 24-carat gold at the end of the week was 219.5 dirhams, an increase of 4.5 dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold reached 206.25 dirhams, an increase of 4.25 dirhams. The price of a gram of 21 carats reached 196.75 dirhams, an increase of four dirhams, and the price of a gram of 18 carat gold reached 168.75 dirhams, an increase of 3.5 dirhams.