Gold prices recorded at the end of last week, new heights that ranged between seven and nine 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.
Officials of the outlets for the sale of gold and jewelry to «Emirates Today», that the markets witnessed limited transactions on the purchase of gold artifacts of small sizes, with a great demand by dealers to sell used alloys and crafts, stressing that gold stores are counting on the Eid al-Adha holiday to reactivate sales New goldsmiths.
In detail, the director of «Rikesh Jewelery Company», Rikesh Dhannak, said that the persistence of gold at high price levels pushed dealers to sell their holdings of bullion and gold coins, in addition to used gold.
He explained that the sales outlets witnessed a limited demand to buy some gifts from artifacts for wedding occasions during or after Eid al-Adha, as dealers hedged against registering gold new price increases during the coming period.
He pointed out that the willingness of some dealers to spend the Eid al-Adha holiday in their countries encouraged them to buy some gold jewelry, especially with the expectation that prices will continue at their high rates.
Ashok Poet, director of the Dahkon Jewelery Store, said that despite some limited dealings in purchasing gold jewelry, it was focused on weights and small pieces.
He added that the purchases by some dealers were hedged from recording gold new price increases during the coming period. He pointed to expectations that the gradual return of tourist groups to the markets will soon fade the slow appearances that dominate gold sales.
The holiday of “Al-Adha”
In the same vein, the director of the "Root Jewelry Store", Moussa Saad, stressed that the high price limits for gold, which have reached record levels recently, have been more active in sales of bullion, coins and gold jewelry used by dealers. He added that the markets witnessed signs of slight turnout by dealers who are forced to buy artifacts for different family occasions before or during Eid Al-Adha period, in anticipation of new heights. He stressed that a number of stores are counting on the Eid Al-Adha holiday, to reactivate the sales of new gold items, especially if gold prices recorded incentives for purchase.
The price of a gram of 24-carat gold, at the end of last week, was 219 dirhams, an increase of nine dirhams compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold reached 214.25 dirhams, an increase of 8.75 dirhams.
The gram price of 21 carats reached 204.25 dirhams, an increase of eight dirhams, and the gram price of 18 carat gold reached 175.25 dirhams, an increase of seven dirhams.