To take advantage of the continuation of gold prices at high rates

Dealers: The markets are witnessing a demand for selling used gold

Gold recorded limited declines, ranging between 2 and 2.5 dirhams per gram.

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Officials of outlets selling gold and jewelry trade said that the markets recorded a demand for dealers to sell used gold artifacts to stores, to take advantage of the continued high rates of gold.

They explained to "Emirates Today" that dealers prefer to exchange their old models during periods of high prices, and repurchase new models during price drops, noting that sales of new works recorded a limited turnout, in the absence of stimulating purchase events.

gold prices

Yesterday, gold prices recorded limited decreases, ranging between 2 and 2.5 dirhams per gram of various calibers, compared to their prices at the end of the previous week, according to price indicators in Dubai and Sharjah.

The price of a gram of 24-carat gold amounted to 219.75 dirhams, a decrease of 2.5 dirhams, while the price of a gram of 22-carat gold reached 206.5 dirhams, a decrease of 2.5 dirhams.

In turn, the price of a gram of 21-carat reached 197 dirhams, a decrease of 2.25 dirhams, and the price of a gram of 18-carat gold reached 169 dirhams, a decrease of two dirhams.

slow demand

The director of the "Al-Joutour" store, Moussa Saad, said that the markets are dominated by signs of slow demand for the purchase of new gold works, in light of the persistence of gold prices at high limits, despite the fluctuation in prices.

He added, "Price can remain at high indicators, for a while, in light of the increased demand for gold as a safe haven by global investors, in the face of pressures from the fluctuations of international economies, and market turmoil resulting from the repercussions of the new mutated pandemic (Omicron)."

He pointed out that the markets recorded a turnout by dealers to shops, to sell what they had in their possession of used artifacts, to take advantage of the price limits for the yellow metal, and to obtain financial liquidity.

Notable activity

The manager of the "Al-Ayyam Jewelry" store, Galish Saqr, agreed that the outlets had recently witnessed a remarkable activity in the demand of dealers to sell their used gold crafts, in addition to gold coins, to benefit from the continuation of gold prices at high price limits, despite the recent limited price decline. .

He explained that a large number of dealers prefer to sell used artifacts during periods when gold prices are witnessing high rates, to obtain financial liquidity on the one hand, and sell old models of gold jewelry and repurchase modern models in later periods, on the other hand.

lack of stimuli

In the same context, Jay Dehkan, director of the Dehkan Jewelery Company, said that in the absence of stimulating purchase events, and in the absence of significant price drops for gold, a state of slow sales of new works still dominates the market.

He added that sales of new crafts were concentrated in gifts of small sizes, and some purchases for tourists, especially in shopping center stores.

Dehkan pointed out that the markets have witnessed, during the recent period, a demand for selling used goldsmiths to shops.

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