4.75 dirhams increase in the price of a gram in a week

Traders: The continued rise in gold prices limits the demand for artisanal sales

The price of a gram of 24 carat gold was 216.5 dirhams.

Photography: Ashok Verma

At the end of last week, gold prices recorded an increase of between 3.75 and 4.75 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 gold and jewelry trade outlets told Emirates Today that gold prices continued to record new increases that contributed to limiting the demand for artifact sales, especially with the fact that the recent increases in gold are of great value, which made a number of dealers prefer not to buy during The current period, pointing out that those increases imposed a state of sharp decline in sales of bullion products and gold currencies.

In detail, the client, Mai Ali, said that "after she made a tour to search for a gift from the artifacts, she decided to postpone the purchase due to the high prices."

The dealer, Wael Abdel Halim, indicated that he "decided to postpone the purchase of a gift from the artifacts, with the expectation of prices returning to decline."

The trader, Syed Ibrahim, added that "the recent price hikes of gold raised the value of the gift that he intended to buy, and he decided to leave the purchase for the time being until the prices drop."

In turn, the director of Hayat Jewelry store, Dilip Dahkan, said that “the markets are dominated by the slow turnout in buying gold jewelry, after the gold prices finally continued to register new increases, and at a great value that made a large number of dealers wandering around the markets to see the artifacts, However, most of them resort to postponing purchases, in anticipation of the return of prices to decline, ”pointing out that“ the recent price increases of gold have intensified the decline in sales of bullion and gold coins during the current period.

For his part, Director of Sales at "Regie's Jewelry", Mangesh Balikra, said that "prices are not currently a catalyst for buying for dealers, especially as they came after a period of successive declines in gold that lasted for nearly a month, in addition to the fact that the month of Ramadan is witnessing during the half." The first is usually a state of calm in demand, with most dealers busy buying Ramadan season supplies, especially for families, and keeping pace with this with recent price increases, which contributed to an increase in the slow turnout in the sales of artifacts.

"The price increases of gold have recently contributed to a decline in demand rates, and a decline in sales operations at limited rates for some visitors in small pieces of artifacts, while a large number of dealers, especially residents, have moved to postpone the purchase decision," said Taghi Hidayat Zadeh, director of the Famas Jewelry store. Anticipating the return of gold prices to falls ».

In addition, the price of a gram of 24 carat gold reached 216.5 dirhams, an increase of 4.75 dirhams, compared to the end of the previous week, while the price of a 22-carat gram recorded 203.5 dirhams, an increase of 4.5 dirhams.

The price of the 21-carat gram reached 194.25 dirhams, an increase of 4.5 dirhams.

The price of a gram of 18 carats reached 166.5 dirhams, an increase of 3.75 dirhams.

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