17 dirhams, an increase in the price of a gram within 4 weeks
Gold prices to the highest level in 7 months
The price of a gram of 24 karat was 230.75 dirhams.
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Gold prices continued their rise for the fourth week in a row, recording increases at the end of the week, in their indices between 5 and 6.75 dirhams for various karat compared to their prices at the end of last week, according to the price indices announced in Dubai and Sharjah, bringing the total rise during four weeks to 17 dirhams.
Officials of outlets for the gold and jewelry trade told Emirates Today that gold prices continued to rise for the fourth week in a row, which was reflected in the markets in terms of the interest of dealers in selling used artifacts to stores, and the slow demand for the purchase of new artifacts, while the markets witnessed a limited demand for selling products. for bullion, which is expected to rise in the coming days.
In turn, the managing director of the "Artist Jewelry" company, Dilip Batni, said, "The continued rise in gold prices has increased the slow demand for the purchase of new gold artifacts, especially with many dealers postponing purchase decisions during the current period."
He added, "The continuation of gold prices to rise made them exceed the highest level recorded in more than seven months, which in turn will stimulate many dealers to sell used artifacts to take advantage of the price differences."
For his part, the director of the "Dahkan Jewelery" company, Jay Dahkan, explained that "the price increases for gold limited the demand for sales of new artifacts, but it stimulated dealers to sell used artifacts to take advantage of the high prices, which reached their highest level in seven months."
He pointed out that «the markets are witnessing during the current period a limited demand from dealers to sell bullion in small and medium sizes to stores, while it is expected that the demand rates will increase at a greater pace during the coming period in light of many dealers expecting more gold prices to rise, based on international reports».
And the sales official at the “Reggie Jewelery” store, Mangesh Balikra, considered that “the continuation of the rise in gold prices for the fourth week in a row will change the manifestations of the activity of the gold markets according to the price variables that will lead to an increase in demand from some dealers to take advantage of these increases in the sale of used artifacts or bullion.” On the other hand, it will reduce the demand for sales of new handicrafts, and most sales will focus on gifts of small pieces.
In addition, gold prices rose at the end of the week between 5 and 6.75 dirhams per gram of various carats.
The price of a gram of 24 karat gold increased by 230.75 dirhams, by about 6.75 dirhams, compared to its prices at the end of last week, while the price of a gram of 22 karat reached 213.75 dirhams, an increase of 6.25 dirhams, and the price of a gram of 21 carat reached 207 dirhams, an increase of 6.25 dirhams. The price of a gram of 18 karat reached 177 dirhams, an increase of five dirhams.
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