1.5 dirhams per gram rose within a week

Hedging against price increases limited artifact sales

The price of a gram of 24 carat gold was 232 dirhams.

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At the end of last week, gold prices recorded increases of between 1.25 and 1.5 dirhams per gram of various karat, compared to the end of the previous week, according to price indicators announced in Dubai and Sharjah, while those increases came for the yellow metal for the second week in a row.

Officials of gold and jewelry trade outlets told "Emirates Today" that the markets witnessed a limited improvement in demand for the purchase of new gold jewelry with the support of hedging and fear of dealers of new increases in gold prices during the coming period, in addition to keeping pace with the periods of salaries delivery and the preference of some dealers to hold events. Wedding in the current period.

For their part, dealers confirmed that they were postponing purchasing decisions until the date of receiving salaries, and that fear of new price increases supported the trend to acquire handicrafts as gifts for their families.

Buy a gift

In detail, the dealer, Ibrahim Salem, said that he decided to buy an 18-carat gift of jewelry for his family, with the spread of expectations of new heights coming, and with the timing of the salaries coming up.

The trader, Samer Hassan, indicated that he decided to buy with the fact that the recent rises in gold are limited and in light of the spread of expectations in the markets of new price hikes and greater rates of gold during the coming period, affected by the continuing repercussions of the Corona pandemic.

The dealer, Muhammad Bashir, added that he planned to buy a gift from the jewelry for an occasion related to the birthday of a member of his family of 21 carats, and decided to buy after the salaries were received and to pay off the important financial obligations at the beginning.

Demand improved

For his part, Galish Saqr, sales manager at Al-Ayyam Jewelery store, said that “the demand improved in limited proportions, with gold prices registering low value rises, due to the fact that most dealers are currently buying in fear of expectations of significant price rises during the coming period, with concerns. From the second wave of the global (Corona) pandemic, ”noting that“ the largest percentages of sales were concentrated in 18 carats. ”

The sales official at Lazord Jewelry store, Fadl Ahmed, added that “there is a moderate movement of sales now with the recent limited improvement in purchasing, especially with the hedging of dealers who buy the artifacts currently in fear of new heights, in addition to keeping pace with the last period of the timing of salaries delivery and the holding of some wedding events. , Or various family occasions, what support the trend to buy gold jewelry ».

He pointed out that «the markets witnessed the concentration of most of the transactions in the purchase of 18 and 21 carats, while the outlets recorded limited sales of used artifacts from dealers to stores.

Ahmed Fakhr El-Din, Sales Director at Regie Jewelery, said, “The markets witnessed a limited improvement in demand for the purchase of new artifacts, with the support of dealers’ fear of returning prices to record large increases during the coming period, in addition to the recent period of increases, even with limited values. , But it had significant effects in stimulating the demand for purchase, in addition to keeping pace with the recent period of salaries delivery.

He added that «the preference of some dealers to hold wedding events in the current period was one of the factors that stimulated the demand for the purchase of artifacts recently.

gold prices

The price of a gram of 24-carat gold reached 232 dirhams, an increase of 1.5 dirhams, compared to its prices at the end of the previous week, while the price of a 22-karat gold gram recorded 218 dirhams, an increase of 1.5 dirhams, and the price of a 21-karat gram reached 208 dirhams, an increase of 1.5 dirhams, and the price of a gram of 18 carat gold reached 177 dirhams, an increase of 1.25 dirhams.

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