Great demand for gold and bullion

A kilogram of gold in the local market rises to 227.5 thousand dirhams

The factors that contributed to the rise in gold are still there.

Emirates today

The local gold market witnessed strong activity during the period that followed the reopening of the economic and commercial sectors in the country at the beginning of last June, at a time when the price of a kilogram of gold in the local market rose to 227 thousand and 511 dirhams.

The increasing demand for gold came, with the continued rise in prices, which reached 27% from the beginning of 2020 until the end of the first third of October, according to the daily prices approved in retail stores in the market.

The data show that individuals are more focused on buying gold bullion, in addition to gold ore, for the purpose of investment.

A member of the Board of Directors of the Abu Dhabi Chamber of Commerce and Industry, Hamad Al-Awadi, said that the demand for buying gold after the reopening of the markets witnessed a great growth, as it was noticed that the purchases were focused on raw gold, matched by individuals selling their old gold, in order to achieve the greatest gains.

He added that there are also those who resorted to buying gold for speculation, and to exploit the continuous rise in the prices of the yellow metal most of the time to achieve quick gains.

He pointed out that all the indicators that contributed to the rise in gold prices over the past months are still present, as there is a state of uncertainty in global economic conditions in general, stressing that access to a vaccine for the "Covid-19" virus may contribute to the return of stability to the markets, including the market. Gold, whether at the local or global level.

The price of a kilogram of gold in the local market rose to 227,511 dirhams at the end of the first third of October, compared to 179,180 dirhams at the end of 2019.

The price of an ounce of gold increased during the same monitoring period from 5573 dirhams to 7,076 dirhams, while the price of a gram of gold (24 carat) rose from 179.18 dirhams to 224.51 dirhams, and a gram of gold (21 carat) rose from 156.78 dirhams to 199.08 dirhams.

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