Merchants: The new increases have limited sales of artifacts

Gold prices recorded increases of 7.25 dirhams per gram in a week

Gold prices recorded increases at the end of last week, whose value ranged between 5.5 and 7.25 dirhams per gram of various carats, compared to their prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah.

The price of a gram of 24-carat gold amounted to 207.5 dirhams, an increase of 7.25 dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22-carat was 195 dirhams, an increase of 6.75 dirhams.

The price of a gram of 21 carats reached 186 dirhams, an increase of 6.5 dirhams, while the price of a gram of 18 carats reached 159.5 dirhams, an increase of 5.5 dirhams.

Officials of outlets for gold and jewelry trade told «Emirates Today» that the new price increases that gold recently recorded have limited demand, especially on artefacts.

The director of the "Baghdad Jewel for Gold Trading" company, Intisar Ward, said that the markets recently witnessed a slowdown in the demand for sales of gold jewelry, affected by the recent rises recorded by the yellow metal.

He added that these increases prompted a number of dealers to postpone the purchase decision and wait until prices drop.

Ward pointed out that the bullion and currency sector is also witnessing a slowdown, with dealers waiting for additional increases to sell what they have to stores, or anticipating significant declines in purchasing new products for investment purposes.

For his part, sales manager at Hayat Jewelery, Dilip Dehkan, said that the recent price hikes for gold had negative effects on demand, especially on artefacts, which limited their sales.

He pointed out that the past days witnessed varying gradual increases in the prices of the yellow metal in large proportions, which made a number of dealers prefer to wait until prices return to decline.

In turn, the manager of the "Al-Ayyam Jewelery" store, Galish Saqr, considered that despite the large increases in gold prices, some stores witnessed a demand for handicraft sales, with some dealers fearing new additional increases.

He pointed out that some dealers' postponement of purchasing decisions usually does not last for long periods, especially if it is ascertained that price indices will continue at close rates without major changes, which supports the possibility of improved sales in greater proportions in the coming period.

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