The movement of selling new crafts has been slow, affected by the price hikes.
Gold prices recorded record highs yesterday, ranging between 10 and 12.25 dirhams per gram, of various calibers, compared to their prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah.
Manafeth officials for the gold and jewelry trade told Emirates Today that the new increases in gold prices supported a large activity in selling a number of bullion dealers and currencies in their possession to the stores, with limited transactions to sell used jewelry, noting that the sale of new artifacts has been slow affected Highs.
For their part, market dealers reported that price increases are a good opportunity to sell them their coins and currencies, to obtain sufficient financial liquidity to pay off their liabilities.
In detail, the trader, Samir Salim, said that after noting the significant increases recorded in gold prices yesterday, he went to sell an alloy of 100 grams, and a number of currencies to the stores in a Dubai market, pointing out that the new increases of gold allow obtaining appropriate financial liquidity, From the proceeds of selling the products in his possession, and using them to pay off his family's obligations.
The trader, Mohamed Seddik, added that the large increases in gold prices are a good opportunity for dealers who have alloys or currencies to sell them, during the current period, and obtain good prices, which are the highest in the history of gold price indicators, which made him tend to sell a number of products he has .
The trader, George Tian, indicated that he decided to take advantage of the new highs of gold, by selling a number of currencies he was in possession of, in addition to used artifacts belonging to his wife, noting that he was postponing the decision to sell some time ago, until the last prices came and motivated him to sell.
For his part, said the sales manager at the "Rigi Jewelery" shop, Manjish Palikra, that "the new increases in gold prices, which reached unprecedented record levels, contributed to an increase in the demand activity of dealers to sell alloy products and coins they have to the stores, to take advantage of the differences." Great price.
He added that «the sale of new artifacts to dealers witnessed remarkable slow signs, supported by the new price increases.
A perfect opportunity
In the same context, the sales manager at the Al-Matrooshi Jewelery store, Deep Sony, considered that “the new price increases for gold are an ideal opportunity for dealers, whether to sell any gold products in their possession, especially alloys or currencies, as they are the appropriate commodities for saving and investment compared to handicrafts”, indicating "The markets witnessed momentum in the demand for bullion sales, followed by currencies, while purchases of new artefacts declined in large proportions."
He added that «the continuation of gold prices at the current rates or at indicators close to them, is one of the factors that support the slow demand for new artifacts, and therefore most of the dealers await the return of gold prices to record rates of decline with large rates motivating to buy again».
In turn, the director of the company, "Mashum Jewelry", Raj Obahi, said that "recording the price of gold for record highs, finally, contributed to the slow pace of demand for new artifacts, or even the purchase of bullion and coins, while the markets witnessed a turnout to sell a number of dealers to products Alloys, to take advantage of the large price increases, especially being the highest in the history of gold », pointing out that“ some are still waiting for price indicators and postponing sales decisions, with price expectations for more increases during the coming periods, supported by the continuation of the Corona pandemic. ”
The price of a gram of 24 carat gold reached 248.25 dirhams, an increase of 12.25 dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22 carat gold reached 233.25 dirhams, an increase of 11.5 dirhams. The price of a gram of 21 carats reached 222.5 dirhams, an increase of 11 dirhams, and the price of a gram of 18 carat gold reached 190.75 dirhams, an increase of 10 dirhams.
Rising prices are an ideal opportunity for dealers to sell ingots and collect cash to pay off obligations.