The yellow metal continued at high price borders for the third week in a row
Dealers: Rising prices motivate dealers to sell bullion and gold coins
The price of a gram of 24-carat gold was about 213 dirhams.
Officials in gold and jewelry trade outlets reported that the continuation of gold prices at high price limits, for the third week in a row, prompted a number of dealers to sell bars and gold coins to stores.
They pointed out, to Emirates Today, that the high prices of gold, and their stability at close rates for a long time, reflected positively on activating the bullion and currency trade sector, with dealers selling products to the outlets, to take advantage of the price differences, or dealers going to buy currencies, with Expect prices to continue making new highs.
At the end of the week, gold prices recorded a slight decline in their indices, ranging between 50 and 75 fils, for various carats, compared to their prices at the end of the previous week, according to the price indices announced in Dubai and Sharjah, to continue at their same high price borders, for the third week in a row, and the yellow metal rose by an amount It reached 17.5 dirhams per gram.
"The markets have recently witnessed a number of dealers selling products for currencies and bars of different weights to stores, to take advantage of the continuation of gold prices at high rates," said the director of the "Rikish Jewellery" company, Rakesh Dahnak, pointing out that "some dealers tended to buy gold coins, Medium and small weights, with widespread expectations that gold prices will continue to record new increases.
For his part, the director of the "Mashoum Jewellery" shop, Raj Bahi, explained that "the continuation of gold prices at high rates, for the third week in a row, stimulated a number of dealers to sell bullion and currency products to stores, especially since most dealers were in a stage of anticipation of prices, And when they stabilized at high and close rates, they went to sell products in their possession to stores, to take advantage of the price differences, ”noting that“ the markets witnessed limited rates of movement in demand for new artifacts.
The director of the “Ayyam Jewelry” store, Jalish Saqr, added that “the demand of dealers to sell products for bullion and currencies comes after the prices stabilized at high rates,” noting that “the pace of demand for sales of new artifacts is expected to rise significantly during the Union Day holiday.”
In addition, the price of a 24-carat gram of gold recorded about 213 dirhams, down 50 fils, compared to its prices at the end of the previous week, while the price of a 22-carat gram reached 200 dirhams, a decrease of 50 fils, and the price of a 21-carat gram reached 190.75 dirhams. , down 75 fils, and the price of an 18-carat gram was 163.5 dirhams, down 50 fils.
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