Record increases ranging between 2.75 dirhams and 4 dirhams per gram

The high price of gold supports the currency trade and slows down the business

A 24-carat gold gram amounted to 238 dirhams, a height of 4 dirhams.

Emirates today

Gold prices achieved, at the end of last week, highs ranging between 2.75 dirhams and 4 dirhams per gram of various karat, compared to their prices at the end of the previous week, according to price indicators announced in Dubai and Sharjah.

Officials of selling outlets for gold and jewelry trade told Emirates Al-Youm that the return of gold prices to the rise supported the trade of gold currencies, both buying and selling, at a time when the slowdown dominated the purchase of new gold jewelry.

In turn, dealers emphasized their preference to sell their gold coins to take advantage of the recent price increases, while others went to buy new currencies, as a hedge against additional price rises.

Attitudes of dealers

In detail, the client, Manal Mansour, said that she preferred to buy gold coins now, as gifts for events related to her family, as a hedge against new price hikes for gold during the coming period.

She explained that gold coins are a good option, as they serve as valuable gifts, and at the same time allow individuals to benefit from them in saving and reselling when needed.

In turn, the trader Ismail Hassan told «Emirates Today», that he came to the gold market in Dubai to buy currencies of different small weights for him and his family, pointing out that he had been postponing the purchase decision for some time until prices recorded their recent highs, and therefore he decided to buy, as a precaution against recording highs Additional price during the coming period.

On the other hand, the trader, Abdel Hafeez Saad, said that he decided to sell part of the gold coins that he kept, to take advantage of the recent price increases recorded by the yellow metal, and to obtain financial liquidity to pay off obligations for his family.

Trader Khaled Baroum agreed with Saad's need for financial liquidity, saying that he sold five gold coins, in order to obtain the liquidity that he currently needs, and to benefit from the recent price rises of gold to obtain a good price, stressing that he prefers to buy coins and gold bullion for savings purposes, and sell Parts of it when needed.

Gold coins

In addition, Raj Obahi, director of the Mashum Jewelery store, considered that the recent price increases of gold contributed to the slow demand for the purchase of new gold jewelry, but in return it supported the sale and purchase of gold coins.

He added that gold coins are among the products that are easy to resell, due to the availability of small weights, and the habit of some dealers of Arab and Asian nationalities to buy them as gifts for different occasions.

For his part, the sales manager at Al Matrooshi Jewelery store, Deep Sony, agreed that the recent rise in gold prices, with relatively large values, slowed the demand for new gold jewelry, with dealers postponing purchasing decisions until price declines were recorded at rates that stimulated buying.

He stressed that the markets witnessed a limited return to trading gold coins, with the change of behavior of dealers since the beginning of the "Covid-19" pandemic, and the focus on buying currencies and bullion for savings purposes.

As for the director of the "Baghdad Jewelery" store, Pioneers of Saudi Diaa, he said that the markets were dominated by a slow state of buying new gold artifacts with the return of gold to record high value hikes at the end of last week, indicating that a number of dealers resorted to selling gold coins in his possession, to benefit From the price differences and obtaining financial liquidity.

gold prices

The price of a gram of 24 carat gold reached 238 dirhams, an increase of four dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22 carat gold was recorded at 223.5 dirhams, an increase of 3.5 dirhams.

The price of a gram of 21 carats reached 213.25 dirhams, an increase of 3.25 dirhams, and the price of a gram of 18 carat gold reached 182.75 dirhams, with an increase of 2.75 dirhams.

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