Increased value up to 3.5 dirhams per gram

Merchants: Increasing prices and the “school season” limit the demand for goldsmiths

The price of a gram of 24 karat gold amounted to 219.5 dirhams.

Photography: Ashok Verma

Gold prices rose at the end of last week, with a value ranging between 2.75 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 Dubai and Sharjah.

Officials of outlets for gold and jewelry trade indicated to "Emirates Today" that the price limits for gold, and the preoccupation of a large number of dealers with the start of the new school season, and the payment of financial obligations related to it, contributed to the spread of slow manifestations in the demand for the purchase of new gold works, pointing to the The markets witnessed limited selling, concentrated in small pieces.

In turn, dealers reported that they postponed purchasing plans for their supplies of handicraft gifts after detecting price increases, and that they had to buy one or two pieces for current occasions.

In detail, the consumer, Adel Samih, said that "after a tour of the outlets selling handicrafts and jewelry, he decided to postpone the purchase of gifts from handicrafts after monitoring the price increase, especially with the presence of other financial commitments related to the new school season."

The consumer, Marwan Ibrahim, indicated that he "decided to buy a small piece of handicrafts, and postpone the purchase of other pieces, until prices return to low rates in the coming days, according to some expectations that are echoed in the markets."

The consumer, Khaled Abdel-Haq, added that the recent price increases raise the purchase cost of handicraft parts, if they are calculated with the high cost and workmanship, and therefore decided to postpone the purchase.

In turn, the director of the "Rikesh Jewelery" company, Rickish Dhann, said, "The markets are currently controlled by the slowdown in demand for the purchase of new works, with a large number of dealers currently preoccupied with paying financial obligations related to the start of the new school year, in addition to postponing some other decisions. Purchasing due to the high price limits of gold prices, which witnessed successive increases during the recent period.

He added that "the bullion and gold coins are currently witnessing a state of stagnation as well, whether with regard to buying or selling operations, in order for dealers in that sector to anticipate a further rise, so that they can sell what they have to the stores."

For his part, the director of the "Baghdad Jewel of Gold Trading" company, Intisar Ward, said that "there are several factors that have supported the spread of slow demand manifestations that dominate most of the sales outlets now," noting that "the most prominent of these factors are concentrated in the unattractiveness of the currently high price limits. to customers, and a number of dealers are preoccupied with paying financial obligations for the needs of the start of the new school year, in addition to the fact that a large number of customers are still on annual vacation outside the country.

He pointed out that "most dealers currently identify some of the items they want to buy, but with the postponement of the purchase decision, until prices register low rates that motivate the purchase."

And the director of “Dahkan Jewelery” company, Jay Dehkan, considered that “the state of slowness that dealers are complaining about recently, did not prevent the presence of some sales that were concentrated in pieces of small gifts for goldsmiths, in addition to the increase in the demand for visitors from outside the country to buy, especially from Stores located in commercial centers.

In addition, the price of a gram of 24-carat gold reached 219.5 dirhams, an increase of 3.5 dirhams, compared to its prices at the end of the previous week. , an increase of 3.25 dirhams, and the price of an 18-carat gram reached 168.75 dirhams, an increase of 2.75 dirhams.

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