Most of the demand is concentrated in the medium and small weight categories
Traders: Expectations of a rise in gold motivate the purchase of bullion
Gold prices recorded increases that ranged between 2.75 and 3.75 dirhams per gram.
Photography: Ashok Verma
Yesterday, gold prices recorded increases, whose value ranged between 2.75 and 3.75 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.
Gold traders confirmed that the markets witnessed, finally, a demand for gold bullion purchase, driven by expectations of higher prices in the coming period, pointing out that most of the demand was concentrated in the categories of medium and small weights.
The price of a gram of 24-carat gold was 207.75 dirhams, an increase of 3.75 dirhams, while the price of a gram of 22-carat gold was 191.75 dirhams, an increase of 3.5 dirhams.
In turn, the price of a gram of 21 carat reached 183 dirhams, an increase of 3.25 dirhams, and the price of a gram of 18 carat gold reached 156.75 dirhams, an increase of 2.75 dirhams.
"The markets have recently witnessed a demand for gold bullion, driven by expectations of higher prices in the coming period, after four consecutive weeks of declines," said Dilip Soni, sales manager at the Diamond Jewelery store.
He added that "most of the demand for bullion was concentrated in the categories of medium and small weights, which are easy to resell individually, while sales of products were in the category of 100 grams or greater, in limited proportions."
In turn, the sales official at the “Regi Jewelery” store, Mangesh Balikra, said that “the price limits for gold are still low, after limited declines recorded by the zero metal, finally, against a series of successive rises in large proportions, which motivated dealers to buy bullion for saving or investment purposes. ».
He pointed out that the demand included gold coins, as gifts suitable for saving, in addition to a limited demand for new gold jewelry, supported by the continued travel season and summer holidays.
In the same context, the director of “Dahkan Jewelery” company, Jay Dehkan, said that “the continuation of gold prices at low rates has stimulated the purchase of gifts of gold bullion and new crafts, especially that the limited price increases recorded by gold made many dealers expect new heights to come in Prices and at higher rates.
Follow our latest local and sports news and the latest political and economic developments via Google news