The increase in the price of a gram reached 8.75 dirhams within a week

Gold is at its highest rise in 3 months... and traders are waiting for a "price rebound"

At the end of last week, gold prices recorded increases of between 6.5 and 8.75 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.

Officials of outlets for the gold and jewelry trade told «Emirates Today» that the price increases that gold recently recorded, which is the highest weekly in more than three months, limited the demand for sales of gold jewelry in the markets, noting that the largest proportions of sales were concentrated in gifts Souvenirs by tourists, especially pieces of small weights.

For their part, dealers confirmed to «Emirates Today» that they have postponed purchase plans for now, after the large price increases for gold, pending its rebound again.

The price of a gram of 24-carat gold amounted to 226 dirhams, an increase of 8.75 dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold was 212.25 dirhams, an increase of eight dirhams.

In turn, the price of a gram of 21-carat gold reached 202.5 dirhams, an increase of 7.75 dirhams, and the price of a gram of 18-carat gold reached 173.5 dirhams, an increase of 6.5 dirhams.

Postpone the purchase

Dealer Muhammad Kamal said that he was forced to postpone the purchase of gold now, after the significant increase in its prices, despite his and his family touring the gold market to buy gifts of handicrafts.

In turn, the dealer Ahmed Youssef confirmed that he reduced the budget for buying gifts of goldsmiths and was satisfied with buying one piece, waiting for gold prices to return to low rates that stimulate purchase during the coming period.

And the trader, Howaida Mahmoud, agreed that she preferred to postpone the purchase during the current period, after she was surprised by the recent price increases for gold.

negative repercussions

In addition, the head of "Rikesh Gold and Jewelery Company", Rickish Dahnak, said that gold prices have recently risen by large percentages, which had negative repercussions on the activity of selling new gold works, which witnessed a noticeable slowdown.

 He added that the rises in gold prices, which came as a result of the inflation witnessed by the US markets, and the decline in the price of the dollar, and its effects on the global gold exchange, made a large number of dealers postpone purchases during the current period, in anticipation of the price rebounding again.

small pieces

For his part, the manager of the "Al-Ayyam Jewelry" store, Galish Saqr, said that the recent price increases, which are the highest for the yellow metal in more than three months, whether at the level of weekly increases or even in relation to price limits, have limited the rates of demand for buying new gold jewelry.

He added that the demand for the purchase of gold works was in small pieces and in limited proportions, in addition to the acquisition by tourists of the largest proportions of the demand for sales during the recent period.

Tourist movement

In the same context, the director of the "Hayat Jewelery" store, Dilip Dahkin, said that a large number of dealers have postponed the purchase of gold currently due to the recent price increases, which are the highest in more than three months.

He added that dealers are anticipating the price movement so that they can buy their requirements of gold jewelry in case the prices drop again, especially dealers who are planning family occasions such as marriage.

He explained that the largest percentage of sales were concentrated in souvenir gifts by tourists, especially pieces of small weight.

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