Merchants considered it a new shift in the behavior of dealers, coinciding with the Festival of Lights
Gold markets are witnessing a demand for bullion of small weights
Gold prices recorded at the end of last week, declines ranging from one dirham to 1.5 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 217.25 dirhams, a decrease of 1.5 dirhams, compared to the previous week, while the price of a gram of 22-carat gold was 204.25 dirhams, a decrease of 1.25 dirhams.
In turn, the price of a gram of 21-carat reached 194.75 dirhams, a decrease of 1.25 dirhams, while the price of a gram of 18-carat gold reached 167 dirhams, a decrease of one dirham.
Officials of gold and jewelry outlets revealed to "Emirates Today" that the markets have recently witnessed a growth in demand for gold bars of small weights, coinciding with the celebrations of the Festival of Lights "Diwali", considering the demand for bullion, a new trend for buying patterns on that occasion, which were operations Purchasing is focused on gold, followed by coins.
The director of the "Deakin Jewelery" store, Ashok Poet, said that the celebrations of the Festival of Lights "Diwali", the day before yesterday, Thursday and Friday, reflected positively on the markets, pointing out that the occasion witnessed a new shift in the buying patterns of dealers, during the current year, which was represented by a rise Demand for gold bars of small weights (24 karat), which are suitable for saving.
He added that the markets also witnessed a demand for gold jewelry, especially those manufactured from 22 carat, due to the growth in demand for gold bullion, to the effects of the “Covid-19” pandemic on the behavior of some dealers who became inclined to products that are suitable as gifts, and at the same time have a high value for savings. At various times, especially from the record high rates of gold globally during the height of the pandemic.
For his part, the director of "Famas Jewelery Store", Taghi Hedayatzadeh, confirmed that the festival of lights contributed to supporting the continuation of the positive growth of sales in the markets, because the celebration lasts for days.
He explained that most of the sales of gold jewelry were concentrated in the demand for products of 22 carat, while bullion gifts were concentrated in small weights.
He pointed out that the markets also witnessed a growth in demand by tourists to the country's markets during the current period, whether in terms of gold or jewelry.
In the same context, the director of "Dehkan Jewelery Company", Jay Dehkan, said that the markets witnessed a growth in demand for small gold ingots of 24 carat, in addition to the manufactured products of 22 carat, which topped the purchase transactions, due to the preference of dealers of Asian nationalities. Buy them, especially during the Festival of Lights celebrations.
He explained that the demand for gold bars is a noticeable new trend during this occasion, with lower rates of currencies, which can be explained by the fact that most dealers have become inclined to products that are suitable as gifts of value for saving, or can be resold at better prices, which is what gold bars achieve compared to currencies or artifacts. Especially since ingots are sold without tax, and the system of workmanship is not applied to them in the same way as handicrafts.
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