Dhs8.5 total gram increase in two weeks

Traders: The continued rise in gold prices spurs the sale of "used artifacts"

  • Dealers sell old models when prices increase, and buy new models when prices drop.

    Photography: Ashok Verma

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At the end of last week, gold prices continued to record new increases, whose value ranged between 1.25 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, while the total increases in the price of a gram, within two weeks, amounted to 8.5 dirhams.

Officials of gold and jewelry trade outlets told Emirates Today that the continued rise in gold prices motivated a number of dealers to sell used artifacts, to take advantage of price differences, while those increases led to a slowdown in sales of new crafts, pointing out that the markets witnessed transactions Limited sales of gold currency products by dealers, with most dealers anticipating new highs.

In turn, dealers said that they have recently resorted to selling pieces of their used crafts to take advantage of the price increases of gold in order to obtain financial liquidity, and to return to buy modern models in the event of a decrease in prices again.

Used artifacts

In detail, the dealer, Ibrahim Hamad, said that he “sold a piece of artifacts in order to benefit from the price increases of gold in the sale of used artifacts of old models, and to wait for the prices to return to register low and stimulating indicators to buy parts of modern models.”

The client, Sana Hussein, added that she “resorted to selling some pieces of old artifacts to take advantage of the huge increases in gold prices, obtain liquidity and pay off some financial obligations related to her family, and that she intends to buy again for pieces of the artifacts, when the prices fall again.”

The client, Mai Walid, indicated that she "used to take advantage of the periods of great increase in gold prices to sell her used crafts, and then obtain other pieces of modern models in later periods when gold prices were recorded as low indicators."

New increases

In turn, the sales manager at the "Diamond Jewelery" store, Dilip Sony, said that "gold prices continued to record new increases, which were reflected in the activation of some dealers' sales of used crafts that they possess, while the effects of the increases appeared in imposing a state of slow demand on the market. Buying new goldsmiths ».

He added that «the markets have witnessed limited indications for the sale of gold coins by some dealers in the context of taking advantage of the increases in obtaining financial liquidity, and most dealers in these products are waiting for price indicators, hoping that the yellow metal will record new increases.

Slow demand

For his part, Director of Dahkan Jewelery Store, Ashok Poit, explained that “the markets are currently dominated by signs of slow demand for the purchase of new artifacts, due to the continuation of gold prices to record new increases, but on the other hand, the stores witnessed a state of activity in The desire of some dealers to sell their old used crafts.

“The periods of price increases for gold provide an opportunity for some dealers to sell and sell artifacts of old models and wait for periods of lower prices, to buy artifacts of modern models,” Manjesh Balikra, the sales manager at the store, said, pointing out that “most of the dealers in the bullion sector The currencies are looking for gold to record further gains until they accept the sale of what they have.

gold prices

The price of a gram of 24 carat gold was 229.25 dirhams, an increase of two dirhams, compared to its prices at the end of the previous week.

While the price of the 22 carat gram recorded 215.25 dirhams, an increase of 1.75 dirhams.

The price of the 21-carat gram reached 205.5 dirhams, an increase of 1.75 dirhams.

The price of a gram of 18 carats reached 176 dirhams, an increase of 1.25 dirhams.

• The price increases led to a slowdown in the sales of new artifacts.

• Limited transactions to sell gold currency products to dealers, with new highs anticipated.

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