10.25 dirhams, an increase in the price of a gram in 3 weeks

Gold prices continue to rise...and there is limited demand for the purchase of artifacts

The price of a gram of 24 karat gold was 224 dirhams.

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Gold prices continued to rise for the third week in a row, recording an increase by the end of the week ranging between 3.75 and 4.75 dirhams for various carats, compared to their prices at the end of last week, according to the price indices announced in Dubai and Sharjah, bringing the total rises during three weeks to about 10.25 dirhams.

Gold and jewelry outlets officials said that the markets have recently witnessed limited demand for gifts from the new gold artifacts, following the recent price increases recorded by gold.

They pointed out, to Emirates Today, that the slow demand for artifacts is due to the fact that dealers are currently watching price indicators, postponing decisions to buy or even sell to those who are going to sell old artifacts, and replace them with modern ones.

The director of the "Rakesh Jewellery" store, Rakesh Dahnak, said, "The recent increase in gold prices at large rates, for weeks in a row, under the pressure of the variables of international economies, had an impact on the local markets, with the slow demand for the purchase of new gold artifacts."

He added, "Some dealers, who prefer to sell bullion and gold coins during times of rise, postpone selling decisions, with the hope that prices will continue to record more rise."

In turn, the sales manager of the “Dahken Jewellery” store, Ashok Puit, explained that “the markets are currently witnessing a state of slow demand for sales of new gold jewelry, affected by the continuation of gold prices rising for the next week in a row, which reached the prices of the yellow metal to limits that are the largest since More than six months.

He pointed out that «it is expected that the markets will return to activity during the coming period, in the event of a rise or decrease in gold prices, as a number of dealers are currently watching prices in hopes of a decline to buy gifts from handicrafts, while dealers in the bullion and currency sector are waiting for the continuation of the rise to sell Products they have for stores, to take advantage of the price jumps of gold.

And Dilip Soni, sales manager at the Diamond Jewellery store, considered that “the slowness of the markets is a natural condition in light of the recent significant rise in gold prices, and he expects that the slowdown in demand will not continue for long periods.”

In addition, the price of a gram of 24-carat gold amounted to about 224 dirhams, an increase of 4.75 dirhams at the end of the week, compared to its prices at the end of last week, while the price of a gram of 22 carat amounted to 207.5 dirhams, an increase of 4.5 dirhams, and the price of a gram of 21 carat reached 21 carats. To 200.75 dirhams, an increase of 4.25 dirhams, and the price of a gram of 18 carat reached 172 dirhams, an increase of 3.75 dirhams.

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