4.5 dirhams, the price of a gram of yellow metal increases in two weeks

“Hedging” from high prices stimulates the purchase of gold bullion

The demand for ingots included weights ranging between 30 and 100 grams.

archival

Officials of gold and jewelry trade outlets confirmed to "Emirates Today" that the markets have recently witnessed a remarkable demand for buying gold bars, as a hedge against expected price increases in the coming periods.

gold prices

Yesterday, gold prices recorded new increases, whose value ranged between 1.25 and two dirhams per gram of various carats, compared to their prices at the end of the previous week, bringing the total increases of gold gram within two weeks to 4.5 dirhams.

The price of a gram of 24-carat gold amounted to 223 dirhams, with an increase of two dirhams, while the price of a gram of 22-carat gold was 209.75 dirhams, an increase of 1.75 dirhams.

In turn, the price of a gram of 21-carat reached 199.75 dirhams, an increase of 1.5 dirhams, and the price of a gram of 18-carat gold reached 171.25 dirhams, an increase of 1.25 dirhams.

gold bars

The director of Hayat Jewelery Shop, Dilip Dehkan, said that one of the most prominent changes that the market has witnessed recently is the desire of a number of dealers to buy gold bullion, in light of global and local expectations that gold will record price increases in large proportions during the coming periods.

He added that the demand for bullion included weights ranging between 30 and 100 grams, at a time when the largest demand was focused on weights between 30 and 50 grams, pointing out that dealers of Asian nationalities are the most in demand to buy bullion.

hedging operations

For his part, the director of the “Baghdad Jewel Gold Trade Shop” said, Victory Ward, that despite the continued slow demand for new goldsmiths, for the failure to record large stimulating price declines, the markets witnessed a remarkable turnout for gold bullion, mostly concentrated in medium weights, This is due to hedging against the expectations of price increases in large proportions.

He added that most dealers prefer bullion in hedging operations to save and invest as an alternative to gold coins, because bullion is exempt from tax fees, is easy to sell, and does not impose large profit fees when buying or selling.

gold jewelry

In the same context, the director of "Rikesh Jewelery Company", Rickish Dhann, said that the trend for bullion during expectations of price increases in large proportions, is one of the manifestations imposed by the Corona virus pandemic.

He explained that the markets witnessed limited transactions on gold jewellery, pointing out that the demand for bullion focused more on Swiss-origin products, which are the most traded.

It was agreed that buying for the purposes of saving and investment is concentrated in bullion compared to currencies, with bullion being exempt from tax fees compared to currencies and gold works.

Follow our latest local and sports news and the latest political and economic developments via Google news