Its value ranged between two and 3.5 dirhams per gram

Price hikes motivate dealers to sell gold bars and coins

Dealers selling bullion and gold coins to get cash.

archival

Gold prices at the end of last week achieved monthly increases, whose value ranged between two and 3.5 dirhams per gram of various carats, compared to their prices at the end of the previous week, according to the price indicators announced in the Dubai and Sharjah markets.

The price of a gram of 24-carat gold amounted to 228.75 dirhams, an increase of 2.75 dirhams, compared to its price at the end of the previous week, while the price of a gram of 22-carat gold recorded 215 dirhams, an increase of three dirhams.

In turn, the price of a gram of 21-carat reached 205 dirhams, an increase of 3.5 dirhams, and the price of a gram of 18-carat gold reached 175.75 dirhams, an increase of two dirhams.

Officials of the gold and jewelry trade outlets confirmed to «Emirates Today» that the registration of gold for new price increases stimulated a number of dealers to sell gold bullion and coins, to take advantage of the current price limits for gold, and to obtain financial liquidity that covers their own obligations, pointing out that the sales of new gold works It was slow to receive.

Globally, gold prices rose above $1900 an ounce yesterday, supported by the dollar's decline and lower treasury yields.

Spot gold rose 0.1% to $1900.10 an ounce, while US gold futures rose 0.3% to $1902.7 an ounce.

traffic of dealers

Dealer Hassan al-Sayed said that he was looking forward to gold price indicators during the recent period, to sell a gold ingot in his possession, and to take advantage of the price hikes to obtain liquidity to purchase commitments related to traveling with his family during the summer holidays.

For his part, the dealer Abdullah Hamid confirmed the sale of two gold bars weighing 30 grams each, to obtain financial liquidity, ruling out that prices will record new heights, according to what he is following up on international reports on the gold markets.

In turn, the trader, Hanan Ali, stated that she decided to sell a number of gold coins that she had, with the recent price hikes for gold, noting that she rushed to sell them, as a precaution against gold recording rates of decline in large proportions, compared to the current price limits.

gold jewelry

In addition, the manager of the "Al-Ayyam Jewelry" store, Galish Saqr, said that the markets have recently witnessed a remarkable slowdown in the demand for new gold jewelry, after the yellow metal recorded new price increases.

He added that these increases motivated a number of dealers to sell their gold bars and coins, pointing out that most of the bars that are offered to gold shops are of medium weights, not large ones, which indicates that the largest percentage of them are related to saving purposes and not investment.

summer holidays

In the same context, the director of the "Hayat Jewelery" store, Dilip Dehkan, said that the high price limits for gold during the recent period, in addition to the preparations of a number of dealers for the summer holiday season and travel to their countries, are among the factors that stimulated the movement of some dealers to sell what they have in their possession. of gold bars and coins for stores, and obtaining financial liquidity to meet the obligations related to travel and the holiday season, pointing out that the markets witnessed a decline in demand for the purchase of new gold works.

The director of the "Rikesh Jewelery" company, Rickish Dahnak, agreed that the markets had recently recorded a remarkable activity in the trading of coins and gold bars that were offered by dealers with the support of the price increases recorded by the yellow metal recently, pointing out that keeping pace with the price increases for the end of the school season, and preparing for a new academic year In addition to the commitments related to travel during the summer season, one of the strong drivers of the demand for dealers to sell their bullion and coins.

• Sales of new goldsmiths witnessed a slowdown in demand.

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