The demand is concentrated in handicrafts of small and medium sizes

Gold markets are popular with citizens, tourists and dealers of Asian nationalities

Gold recorded new price increases at the end of last week, whose value ranged between 3.5 and 4.25 dirhams per gram.

archival

Gold recorded at the end of last week new price increases, whose value ranged between 3.5 and 4.25 dirhams per gram of various carats, compared to its prices at the end of the previous week, according to the price indicators announced in the Dubai and Sharjah markets, at a time when these increases for the second week come on Consecutively, bringing the total gains for gold within two weeks to 6.25 dirhams.

The price of a gram of 24-carat gold reached 217.5 dirhams, an increase of 4.25 dirhams, compared to its price at the end of the previous week, while the price of a gram of 22-carat gold was 204.25 dirhams, an increase of four dirhams.

The price of a gram of 21-carat gold reached 195 dirhams, an increase of four dirhams, and the price of a gram of 18-carat gold reached 167.25 dirhams, an increase of 1.5 dirhams.

Officials of outlets selling gold and jewelry trade told «Emirates Today», that the new price increases for gold contributed to directing a large proportion of the demand to goldsmiths of small and medium sizes.

They stressed that the markets are witnessing a great boom, despite these price hikes, with the support of citizens and tourists, as well as dealers of Asian nationalities, in preparation for occasions in their countries, the most famous of which is the "Diwali" festival or "Day of Lights", which corresponds to the end of this October.

In turn, dealers said that the recent prices of gold are high, but they are still in a low range, compared to the prices of last September, noting that they prefer to buy handicrafts as gifts, while choosing the ones with lower weights, given the current high prices.

Customer Orientation

Dealer Ahmed Taha said that he preferred to buy two pieces of gold recently, of few weights and small sizes, instead of the idea of ​​canceling purchase plans, due to the recent price increases for gold.

In turn, the dealer, Muhammad Al-Sayed, said that the recent prices of gold are high, but at the same time they are still in a low range, compared to the prices of last September, which motivated him to buy more than one piece of gold crafts for occasions related to his family.

As for the trader, Khaled Waqas, he said that he always prefers gifts of gold jewelry, compared to other gifts, because they retain their financial value in the long term, pointing out that this prompted him to buy a gold gift, despite the recent price hikes, but with the adjustment of purchase plans to weigh less than the previous target.

no effects

In addition, the director of sales in the «Anan Jewelery» store, Abdulaziz Al-Khatib, said that the recent price hikes for gold did not have noticeable effects on the demand for gold jewelry, with the support of a number of citizens and residents who are planning family events related to marriage during the coming period, in addition to To the increasing rates of demand from tourists, pointing out that most of the requests included crafts of low and medium weights.

good turnout

In the same context, Ashok Poet, director of the "Dahkin Jewelery" store, said that the demand for the handicraft markets is currently remarkably good, despite the continued rise in gold prices for two consecutive weeks.

He stressed that the price increases did not prevent the continuation of demand and demand, but it focused on the small and medium weights of gold works, while the 18-carat carat accounted for the largest proportion of the demand.

Diwali festival

In addition, the manager of the “Al-Ayyam Jewelery” store, Galish Saqr, said that the markets are currently witnessing positive indicators in turnout rates and resistance to the effects of the recent price hikes for gold, due to factors related to the high percentage of visitors to the country, and the demand of dealers of Asian nationalities, in preparation for events in their countries, the most famous of which is the most famous. Diwali festival or "Day of Lights", which corresponds to the end of this October, in addition to the preparation of some wedding events during the coming period, agreeing that most sales are currently concentrated in low and medium weights.

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