Although gold recorded heights of 3.25 dirhams per gram
Diwali supports the demand for gold and coins
Positive expectations support gold sales during the “Diwali” festival period until November 8.
Photography: Ashok Verma
At the end of last week, gold prices recorded increases, whose value ranged between 2.25 and 3.25 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 price of a gram of 24-carat gold amounted to 218.75 dirhams, an increase of 3.75 dirhams, while the price of a gram of 22-carat gold was 205.5 dirhams, an increase of three dirhams.
The price of a gram of 21-carat reached 196 dirhams, an increase of 2.75 dirhams, and the price of a gram of 18-carat gold reached 168 dirhams, an increase of 2.25 dirhams.
Officials of gold and jewelry trade outlets told "Emirates Today" that despite the recent price hikes, the markets witnessed an improvement in demand for sales of gold works, supported by the start of the celebrations of some dealers in the Festival of Lights or "Diwali", as well as a demand for Gold coins of small and medium weights.
The director of "Machoom Jewelery Store", Raj Bahi, said that the markets are currently witnessing an improvement in demand for sales of new gold works, with the start of the celebrations of many dealers of Asian nationalities with the Festival of Lights "Diwali", pointing to the connection of that occasion with the purchase of gold gifts, which stimulated The market demand for goldware products despite the recent price increases recorded by the yellow metal.
He added that the "Diwali" festival has positive repercussions in stimulating the demand for gold coins of small and medium weights, pointing out that the "Diwali" celebrations will continue until the eighth of next November, which means positive indicators to the expected sales during that period.
21 . caliber
21 . caliber
For his part, the director of sales at "Regi Jewelery Store", Mangesh Balikra, said that the celebration of the "Diwali" festival contributed to the fact that the markets were not negatively affected by the recent price hikes recorded by gold, pointing to the activity of demand by tourists, which in turn boosted the improvement in sales despite price variables.
Palekra clarified that the 21-carat gold jewelery was the best seller in the recent period, with Asian dealers preferring the jewelery manufactured of that caliber, pointing also to the improvement in the sales of gold coins, especially those of small and medium weights.
In the same context, Samir Ali, the sales official at the Palm Jewelery Store, agreed that there is a demand in the markets at present, saying that the markets are currently witnessing rates of activity and popularity in demand for sales of new works, contrary to what is expected during periods of price hikes, due to the purchase Gifts on the occasion of "Diwali", and the presence of a large number of visitors in the country's markets now.
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