Dealers: Despite the new price hikes

“Holidays” revive sales of jewelry and gold coins

• Gold prices recorded increases at the end of last week, ranging between 3.25 and 4.25 dirhams per gram.

  Photography: Ashok Verma

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Gold prices at the end of last week recorded increases, whose value ranged between 3.25 and 4.25 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 new rises follow three consecutive weeks of declines, with a total decline of 13.75 dirhams per gram.

And dealers considered that the current prices of gold are still at low limits, motivating them to buy, which prompted them to buy gifts of jewelry and gold coins in preparation for spending their holidays in their countries.

For their part, officials of gold and jewelry trade outlets told "Emirates Today" that despite the recent rises in gold prices, the markets witnessed a remarkable demand for currencies and gold works, supported by the demand of dealers to buy gold gifts before traveling, explaining that most of the sales of works It was acquired by 18-carat artifacts, while gold coins witnessed varying rates of demand in terms of weights.

the prices

In detail, gold prices at the end of last week recorded increases, whose value ranged between 3.25 and 4.25 dirhams per gram of various carats.

The price of a gram of 24-carat gold amounted to 219.25 dirhams, an increase of 4.25 dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold amounted to 205.75 dirhams, an increase of 3.75 dirhams.

The price of a 21-carat gram reached 196.5 dirhams, an increase of 3.5 dirhams, while the price of a gram of 18-carat gold reached 168.25 dirhams, an increase of 3.25 dirhams.

buy gifts

In addition, the dealer, Samir Yahya, said that he bought a piece of gold as a gift for his family with his readiness to travel in the coming days to spend his summer vacation in his country, pointing out that the current prices of gold are still at low limits that stimulate purchase.

As for the dealer, Ibrahim Kamel, he said that he bought more than one piece of handicrafts and gold coins that are installed in a necklace as gifts for his family members when traveling to spend the summer vacation with them, considering that gold prices are currently suitable for purchase.

The dealer, Moaz Bashir, stated that he preferred to buy two pieces of gold coins as gifts for his family when traveling, because the gold coins can be used for decoration, and are suitable for saving purposes when needed.

remarkable growth

For his part, the director of the "Mashoom Jewelery" store, Raj Bahi, said that the gold markets in Dubai and Sharjah recently witnessed a remarkable growth in the demand for gold coins and jewelry, with the beginning of the holiday and summer season, and a number of dealers went to buy gifts for their families before traveling.

He added that the continuation of gold prices at low rates despite the limited increases they achieved recently, also supported sales, and did not change the fact that the current price indicators are motivating to buy.

seasonal demand

In turn, the sales manager at Diamond Jewelery, Dilip Soni, said that the recent increases in gold prices did not have a negative impact on demand, as they came after a series of successive declines recorded during the past weeks, in addition to the fact that the markets are currently witnessing seasonal demand. It is related to holidays and summer, and dealers prefer buying gifts of coins and gold works.

He explained that most of the turnout focused on 18-carat artifacts, while gold coins witnessed varying rates of demand in terms of weights, especially as they are close compared to alloys whose weights vary in large proportions.

Expected heights

In the same context, Ashok Poet, director of the "Dahkin Jewelery" store, said that one of the most important factors that made the markets finally witness active rates of turnout, is that many dealers expect prices to rise at large rates during the coming period, which stimulated the demand for currencies for saving purposes. and some bullion sales for investment purposes.

He said that the increasing demand of some dealers to buy gifts of gold jewelry indicates that the current prices are suitable for purchase before traveling for holidays.

The price of a gram of 21-carat gold reached 196.5 dirhams last week, an increase of 3.5 dirhams.

Most of the sales of gold jewelry are made by 18 karat goldsmiths.

The new highs come after 3 consecutive weeks of declines.

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