Gold prices fell to two dirhams per gram
A limited improvement in jewelry sales, as a hedge against price increases, during the coming period
The price of a gram of 22 carat gold is 211.5 dirhams.
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Gold rose 1.8% last week.
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At the end of last week, gold prices recorded declines ranging between 1.5 and two dirhams per gram of various calibers, compared to their prices at the end of the previous week, according to price indicators announced in Dubai and Sharjah.
Officials of gold and jewelery outlets told "Emirates Today" that the markets have recently witnessed limited improvement rates in the sales of gold jewelry, with the support of a number of dealers buying as a hedge against gold prices registering further increases during the coming period, pointing out that most sales were concentrated in Gifts of small and medium weights, while the interest rates continued in varying proportions to buy currencies.
In turn, dealers confirmed that they decided to buy during the current period after monitoring the return of gold prices to a rise in limited rates, compared to recording large rates of decline previously.
Buying crafts
In detail, the trader, Ahmed Taha, said that he "bought a piece of jewelry as a gift for his family, with the spread of expectations of further price hikes for gold during the coming period."
The dealer, Layla Hussein, indicated that she “preferred to buy now with the fact that prices are still at appropriate price limits, after the yellow metal recorded limited increases now, compared to large decreases recorded during the last period, and therefore the purchase decision is better now than waiting for other periods. Prices are witnessing new highs.
The dealer, Samer Ali, added, "He has been waiting for a period of gold prices to anticipate new declines, but the return of the yellow metal prices to a rise in limited rates, made him hasten to buy the pieces of artifacts he was planning to buy, as a precaution against prices registering higher rates in the coming period."
Limited improvement
In turn, the manager of the “Basalt Jewelery” store, Ali Al-Yafei, said that “the markets have recently witnessed limited improvement rates in the demand for handicrafts, with a number of dealers buying now, fearing that gold prices will record further increases during the coming period, especially since The recent increases in gold were limited compared to the decline in prices recorded during the previous week, ”noting that“ the markets recorded rates of interest in buying currencies, but cautiously, compared to previous days. ”
Application rate
For his part, Director of “Dahkan Jewelery”, Jay Dahkan, said that “despite the movement of gold prices to rise, they have moved the rate of demand towards the purchase of artifacts, with a number of dealers heading to buy as a hedge against the yellow metal registering more additional increases during The coming period », pointing out that« the demand of tourists to buy was one of the factors supporting the sales activity in the markets, especially with the fact that the current period does not witness any occasions or seasons stimulating the purchase.
In turn, the sales manager at Al-Ayyam Jewelery, Jalesh Saqr, said that “the sales of artifacts have improved recently with the support of some dealers preferring to buy as a hedge against price registrations for new additional increases, especially with the spread of global expectations recently, that the yellow metal will rise.” "Most of the buying operations were concentrated in the small weights, with the fact that purchases such as hedging are cautious, and are usually concentrated in limited and low-weight lots."
gold prices
The price of a gram of 24 carat gold was 225.25 dirhams, a decrease of two dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22 carat gold was 211.5 dirhams, down 1.75 dirhams.
The price of the 21-carat gram reached 201.75 dirhams, a decrease of 1.75 dirhams.
The price of a gram of 18-carat gold reached 173 dirhams, a decrease of 1.5 dirhams.
Gold is heading globally to its best levels in 5 weeks
Gold fell yesterday, as US Treasury yields rose, but the yellow metal is on the path to record its best weekly performance in five weeks, supported by hopes of a major stimulus in the United States.
Gold fell in immediate transactions 0.6% to 1859.1 dollars an ounce, retreating from its nearly two-week high it reached the day before yesterday.
Last week, gold rose 1.8%, its biggest weekly gain since the week ending December 18th.
And US gold futures fell 0.3% to $ 1860.9.
Financial analyst, Kyle Roda, said: "Gold is suffering due to the increase in nominal returns, which came on the back of strong figures for US unemployment benefits. The European Central Bank also adopted a trend less accommodative compared to what the market wanted."
The benchmark 10-year US Treasury yields are holding above 1%, helping the dollar rally.
US jobless claims fell modestly last week, but concerns about the effects of "Covid-19" persist.
The president of the European Central Bank, Christine Lagarde, hinted the day before yesterday that the bank may not use its emergency procurement program for pandemic-related purchases entirely if financial conditions remain favorable.
London - Reuters
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price of a gram of 24 carat gold was 225.25 dirhams.
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