With the yellow metal continuing at high price borders

Dealers: limited demand for sales of new gold artifacts

Gold shops witnessed a rush to sell used artifacts to take advantage of the price differences.

Photography: Ahmed Arditi

At the end of last week, gold prices recorded a limited decline, ranging between 1.5 and one dirham, 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 the same high price limits after the yellow metal recorded increases that amounted to about 17 dirhams per gram. Since the second half of last month.

The price of a gram of 24-carat gold was 216.75 dirhams at the end of last week, a decrease of 1.5 dirhams compared to its price at the end of the previous week.

The price of a gram of 22 carats reached 203.75 dirhams, a decrease of 1.25 dirhams, while the price of a gram of 21 carats reached 194.25 dirhams, down 1.25 dirhams.

The price of a gram of 18 carats was 166.5 dirhams, a decrease of one dirham.

Officials of outlets for the gold and jewelry trade told Emirates Today that the markets have recently witnessed limited demand rates for sales of new gold artifacts, with prices continuing at high levels.

The director of the “Ayyam Jewelry” store, Jalish Saqr, indicated that some dealers are willing to sell used gold jewelry from old models to stores or replace them with modern ones with lighter weights, in order to take advantage of the price differences, as they are still at high levels, which are the highest in more than six months. .

For his part, the director of the "Hayat Jewelry" store, Dilip Dahkan, said that despite the persistence of prices at high limits, this did not prevent the demand for buying gifts of new gold artifacts, but at limited rates.

He added that the high prices motivated a number of dealers to sell used artifacts or sell gold coins to stores, expecting that the markets would witness greater popularity immediately after the end of the World Cup activities, due to the preoccupation of some visitors and residents with following up on its activities.

And the sales manager at the “Diamond Jewellery” store, Dilip Soni, considered that the periods of gold price hikes represent an appropriate opportunity for some dealers to sell their old models of artifacts and take advantage of the price differences by selling these artifacts and replacing them immediately, or waiting until prices drop to buy modern models.

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